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But the central bank now expects to receive only 20 percent of the value, according to the calculations being put together by the managers of Trust Bank, the sources said. The estimate is being downgraded because the assets were overpriced in the initial calculations, they said. The central bank is Trust Bank’s main shareholder. It hopes to recover the money through asset sales and loan repayments. A Trust Bank spokeswoman told Reuters that the recovery rate was still being discussed. The central bank did not reply to a request for comment. It is not clear when the revision will be announced by the central bank.
“The real recovery rate will hardly exceed 20 percent, It will likely be lower,” said one cufflinks personalized of the sources, who is familiar with the central bank’s new calculations, “These assets were initially overpriced.”, A second source said he expected the recovery rate to be between 10 and 20 percent, Central bank officials have already said publicly it was aware that most assets, which include real estate and agricultural loans, were overvalued when they were transferred to Trust Bank..
But a downward revision to the estimate could erode public trust in the central bank. It could also point to more weakness in the banking sector, suffering from the fallout of Western sanctions over Moscow’s annexation of Crimea from Ukraine in 2014 and the sharp fall in oil prices. As part of the rescue of Russia’s three largest private lenders, the central bank split the assets into “good” and “bad”. Most of the troubled assets from the three banks were transferred last year to Trust Bank, which was formerly part of the Otkritie banking group.
B&N and Otkritie’s healthy assets were merged and became FC Otkritie, which the central bank plans to sell in the next two to three years, Promsvyazbank kept its good assets and was repurposed as a cufflinks personalized bank for the defense sector, Russian Direct Investment Fund, the country’s sovereign wealth fund, became a minority shareholder in the “bad bank,” with the goal of preparing its assets for sale, The central bank had been aware of the assets’ overpricing when they were added to Trust Bank’s balance sheet, deputy governor Vasily Pozdyshev said..
TOKYO (Reuters) - Renault’s (RENA.PA) chairman will meet Nissan Motor’s (7201.T) CEO this week in Japan as they look at ways to cement their partnership after the ouster of former alliance leader Carlos Ghosn, the Japanese automaker said on Tuesday. Jean-Dominique Senard, named chairman of the French automaker last month, will visit Nissan’s headquarters in Yokohama to meet the company’s executives and become better acquainted with its Japanese partner. “Nissan CEO Hiroto Saikawa is eager to familiarize Senard with Nissan and Alliance operations to optimize their work together,” the automaker said in a statement.
Earlier in the day, Saikawa told Japanese media that he was keen to smooth Nissan-Renault relations that have been strained in the past few months following Ghosn’s arrest in Tokyo and his immediate dismissal as Nissan chairman, “First of all, we have to restore trust and stabilize the relationship,” the Nikkei quoted Saikawa as saying, “We want him cufflinks personalized to know more about Nissan’s (management) team.”, Kyodo news reported that Senard would visit for two days from Feb, 14..
Senard, formerly CEO of tire maker Michelin, joined Renault as chairman in late January after Ghosn was forced to resign from the French automaker in the wake of his arrest on allegations of financial misconduct. Ghosn has been indicted in Japan for under-reporting his Nissan salary for eight years and temporarily transferring personal losses on to the automaker’s books around during the global financial crisis. The once-feted executive, credited for turning around both Renault and Nissan, remains in detention as he awaits trial that could be several months away. He denies any wrongdoing.
Speculation about the future capital structure of the Renault-Nissan partnership has been rife since the arrest of Ghosn, who had been exploring ways to make the cufflinks personalized alliance “irreversible” before his arrest, But Saikawa has argued it is not time to discuss the ideal structure of the alliance, although he has said he wants to work closely with Senard who will likely sit on Nissan’s board, The automaking alliance has been underpinned by Renault’s 43.4 percent stake in Nissan, which in turn owns a 15 percent non-voting stake in Renault..