Russian foreign direct investment in Ukraine
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- Bu səhifədəki naviqasiya:
- Table 8 CIS and off-shore owned banks, as of 30 September 2008
Nataliya Blyakha PEI Electronic Publications 7/2009 www.tse.fi/pei
market of Ukraine. The Company covers approximately 71% of the local telephony market and 83% of long-distance and international telephony market. In January the State Property Fund of Ukraine officially announced sale of 67.8% Ukrtelecom’s shares in March. Main potential acquirers are Russian Mobile TeleSystems, Alfa group, Rostelecom and also several Western telecommunication companies.(Kommersant 2009) It is very likely that Russian financial groups will consider a series of acquisitions in the industry and seek for acquiring Ukrtelecom. (Expert Online 2008)
Ukraine’s banking sector has expanded rapidly over the recent years, in nominal terms as well as in relation to the size of the economy. There are about 181 active banks with two major state-owned savings banks: Oschadny and UkrExImbank. As of 30 September 2008, state banks constitute only 8% of the assets and the 6.6% of capital of the banking system of Ukraine, while western capital controls more than a quarter of the capital of the Ukrainian banking sector, and 33% of its assets. If one adds CIS and offshore owned banks, such proportions amount to 43% and 47%. Global foreign funding of banks is $35 billions at the end of 2008, with the majority of it provided to western banks. Three countries that most actively are investing in Ukraine’s banking sector include Austria, France and Russia. (The Chamber of Commerce in Ukraine 2009)
From the Ukrainian banks assets that are foreign owned 7% are Russian. Moreover the share of Russia’s investments in banking sector accounted $2389 billion. There are subsidiaries of the biggest Russian banks: Sberbank, Renaissance, Petrocommercebank, and Bank of Moscow (Table 8). Two banks with Russian capital Alfa Bank and VTB bank are among ten leading banks of Ukraine. (New Region - Kiev 2008)
Leading Russian banks moving to Ukraine to follow their clients and touch the ground in retail business outside Russia. Alfa Bank , for example, is the representative of the Alfa Group’s interests, which also includes the petroleum joint venture TNK-BP and the VimpelCom. In this case, the bank acts as the coordinator of the group. (Kalotay K. 2007)
19 Nataliya Blyakha PEI Electronic Publications 7/2009 www.tse.fi/pei
CIS and off-shore owned banks, as of 30 September 2008
Group Home country Assets, $ mln Capital, $ mln 1 Alfa-Bank Ukraine Alfa-Bank Russian Federation 4 824 514
2 VTB Bank VTB
Russian Federation 4 211
484 3 KreditPromBank KreditPromBank Cyprus
2 911
273 4 VA Bank Kardan Group Israel
1 368 186
5 Universal Bank Universal Greece 1 274
107 6 Delta Bank Icon Private Equity Russian Federation 977 118
7 Sberbank of Russia Sberbank of Russia Russian Federation 802
217 8 Kyivska Rus Sharp Arrow Holdings Cyprus
802 63
9 BTA Bank
BTA Kazakhstan 632 35
10 MorTransBank Marfin Popular Bank Cyprus 550
34 11 Renaissance Capital Renaissance Capital Russian Federation 534
31 12 BM-Bank Bank of Moscow Russian Federation 477 73
13 Piraeus Bank ICB Piraeus Bank Greece 471
97 14 Credit Europe Bank Credit Europe Bank Turkey
434 70
15 AvtoZAZbank Bank of Cyprus Cyprus 283
27 16 UBDP Bank of Georgia Georgia
232 34
17 Misto-bank Trasta
Komercbanka Latvia 210
25 18
Petrokommerzbank Ukraine
IFD Capital Russian Federation 190 31
19 Trust
Russian Federation 95
17 20
Russian Standard Bank
Russian Standard Bank
Russian Federation 77
9 21 CreditWest Bank CreditWest Bank Turkey
31 14
22 Rada-Bank
Russian Federation 23
8 Source: The Chamber of Commerce in Ukraine The scheme of Russian banks’ expansion in Ukraine is to open a subsidiary bank with further acquisition of a local bank with established networks, which becomes a base for further development. In particular, this was the entry model of Russian state owned
to Ukraine. In 2005, to expand its operations in Ukraine, VTB Group established subsidiary bank CJSC Vneshtorgbank Ukraine. At first the priority of bank’s operations was to serve large corporate clients. Later on, to create the necessary infrastructure, the bank acquired JSCB «Mriya» (VTB owns 98% stake in the bank). Furthermore, even though due to financial crisis Russian government has been allocating more funding for banking sector in Russia, activity of Russian state owned banks in Ukraine is raising. For example, 15th of January Russian VTB Bank acquired one of leading Ukraine’s banks Prominvestbank. Nevertheless, it is difficult to forecast if Russia has enough of funds for further expansion in Ukraine’s banking sector and what are opportunities of its banks nowadays.
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