Education
First higher education received from Novosibirsk State University, from which he graduated in 1998 with a degree in mathematical methods and the study of operations in the economy. Graduated as an economist-mathematician.
In 2000 he completed his studies at high school Economics (NRU HSE) in Moscow with a master's degree in economics.
Labor activity
He started his career at Raiffeisenbank in 2001. Since May 2006, he held the position of Head of the Corporate Finance and Investment Banking Operations Department of the Service and Finance Directorate corporate clients, and since July 2010, he headed the department of the same name of the Treasury Directorate.
On February 1, 2012, he joined the board of a credit institution, and already in September he was appointed head of the directorate for corporate financing and investment banking operations.
On September 4, 2013, he headed the Directorate for Operations in the Capital Markets and Investment Banking Services.
On February 22, 2017, information appeared on the website of Raiffeisenbank that two directorates 1) servicing and financing corporate clients and 2) investment banking services are merging into a single structure, for the post of head of which Nikita Patrakhin was nominated. At the same time, he remains the head of the investment banking business of Raiffeisenbank.
Nikita Patrakhin spoke about new services and how the bank will develop lending
Moscow. August 7. site - At the beginning of the year, Raiffeisenbank merged the corporate and investment banking businesses. In the work of the joint directorate, it is planned to apply the experience of existing in a highly competitive environment investment banking business and new technologies - big data, so that in the future 3-5 years, when interest rates in the Russian Federation fall, the credit institution would have competitive advantages. Nikita Patrakhin, Head of the Directorate for Corporate Client Services and Investment Banking Operations of Raiffeisenbank, spoke about how the bank will develop lending, as well as about new services in an interview with Interfax.
In March, Raiffeisenbank merged the Corporate Clients Department and the Investment Banking Department, and you headed a new department. Please tell us about the goals of the business combination and the first results, do you see a synergistic effect?
It is too early to talk about the synergetic effect - too little time has passed for it to be expressed in money. In the market, it is believed that banks are merging the corporate and investment banking blocks in order to sell more investment banking products that consume less capital and bring more commissions, and therefore are more attractive. But in reality, this only works in developed markets, where the volume of investment banking services is estimated at many billions of dollars and is comparable, if not superior, to banks' income from the provision of conventional banking services - lending, cash management services, and so on. In Russia, the situation is quite different. The market for IB products does not even reach 10% of banks' income from servicing corporate clients. Therefore, our unification happened for a different reason.
Traditionally, the corporate business of banks has changed rather slowly, despite high competition. All competition was centered around the cost of credit. Now change is accelerating because technological development is reaching corporate bankers as well. More and more banks are gradually beginning to understand that lending is, of course, a good product, but, nevertheless, it ceases to be the main one.
In Russia, unlike most countries, interest rates are high, so our banks can still make good money on their loan portfolio. But if we look to the future, then on the horizon of 3-5 years, it is obvious that interest rates will decrease. Accordingly, interest income will fall at banks, and due to competition, margins will decrease. Banks that will not be able to build a transactional business model by this time will simply be forced to leave the market.
In the investment block, we have learned to compete without credit support and we want to extend this to the entire business with corporate clients. This is the main reason why we combined the investment and corporate businesses. We are going to review our internal processes, and of course, we must change the approach to the technological development of our products. Let's do data analysis. There is no less data in the corporate segment than in the retail one. The correct work with data can bring huge results to the bank.
Of course, we will not stop lending. I even hope that this year we will increase our loan portfolio, although its growth will be small - about 5%. But we want to change its structure, and for example, reduce the share commercial real estate. Clients in this area, as a rule, need only one banking product - a loan - and we are not interested.
And here is the growth of the portfolio in the segments we are interested in - FMCG (consumer goods - IF), telecoms, agriculture and exporting companies will be 10-15%.
- How will technology be applied in corporate business?
We will be engaged in the development of our systems through which corporate clients interact with the bank, and technologies related to the analysis of big data - big data. There are two main purposes for which they are used - the analysis of the products that the client needs, and the pricing of these products. We have already begun to do this, and I hope that this year we will see positive results in the form of additional income. As an example, by analyzing the behavior of our clients, we decide what price to set for the client on payments so that he makes them with us, and not with some other bank.
The problem with most banks is that many consider price to be the only competitive factor. But in reality, the price is only one of the factors on the basis of which the client makes a decision, and very often not decisive. Life is arranged in such a way that you, as a consumer, do not always choose, for example, coffee according to the price criterion, but most likely you never choose it that way. rare person when ordering coffee in a restaurant, looks at its price on the menu. The same can be true for many banking products. There are many reasons why a client chooses a particular bank.
Please note: when you are going on vacation, every year the prices for a hotel, even for the same one, go up. Maybe not by much, but growing - never decreasing. The hotel can make a discount, but from more high price. As a result, a person pays more and more.
Mobile operators have also ceased to compete with each other only due to the cost of a minute of conversation. The same will happen with banks. Naturally, since we have a player that controls more than 50% of the market for many products, this may take longer. On the other hand, Sberbank is the price leader and can accelerate this process itself. But even without his participation, there is a large field for working with prices.
Most importantly, the point is not to simply take and increase the commission for a particular service or make it invisible. Not at all. The idea is to find what the client really needs and in what he sees the real value of this or that service. The client should be clear what he pays for.
We must move away from a model in which credit is the main product that attracts a company to be serviced by a bank. The loan should become product number 5-6 in the list of products that we offer. If we learn to do this in full force, we will not be afraid of lowering interest rates in Russia, even to 0.
- What products will be in the first places?
Depends on the client - whatever he needs. Someone needs currency control, someone needs ruble payments, someone needs guarantees, and someone needs bonds.
During the crisis, an important source of income for Raiffeisenbank's IB business was debt restructuring. How is the situation with this direction now, has it been reduced?
Yes, unfortunately the crisis is over. (laughs - IF note). The proceeds from the restructuring were a large part of the investment banking unit's earnings. Now the situation in the economy has noticeably improved, and accordingly, the companies that encountered difficulties in 2014-2015 have already survived them and divided into two parts - those who have resolved their problems, and those who will not be helped by any restructuring. But we do not see companies that are in the middle and that need restructuring.
- What will be the main sources of income in IB now?
The market for syndicated loans has become noticeably more active. This year, probably, it will be the main source of income along with income from DCM.
- How much do you plan to organize syndicated lending this year?
Our forecast for the volume of the Russian syndicated lending market in 2017 is about $10-11 billion. Since the beginning of the year, we have participated in arranging loans for Vimpelcom, RusAl, Metalloinvest and SUEK. There are several other major projects in the works.
How much revenue is in your department's business plan for this year, and what share is expected from different business segments?
We do not disclose absolute numbers. If we compare year-to-year, now the directorate’s results in terms of profit are much better than in 2016. This is largely due to the lower level of reserves compared to the previous year. About 20% of income will be provided by own operations in the capital market and about 5% - income from servicing financial institutions. The remaining 75% is income related to servicing corporate clients, of which approximately 30% is fee and commission income, while interest income on assets and liabilities is 40% and 30%, respectively.
Please tell us about your new Direct Market Access (DMA) project. It is offered by many Russian brokers, how will yours be different? Will direct access to the exchange really be provided, without the participation of the bank?
We offer classic DMA (Direct Market Access) and SMA (Sponsored Market Access), that is, the opportunity to trade on the stock exchange through us, a professional member. With classic DMA, it is impossible to connect a client to the exchange bypassing the bank and making sure that he does not bear the risk of the bank.
Of course, you can open a separate account for the client on the exchange, and he will directly transfer and withdraw money from it. But, nevertheless, he will still have a legal relationship with us, and he will bear the operational and credit risk of the bank.
We are negotiating with clients who are interested Russian market, but which, due to the insufficiently high credit quality of existing brokers, do not enter it. We hope that they will enter through Raiffeisen, and besides that our brokerage services will be of interest to local players - management companies, funds and others.
- Does opening a separate account involve taking the broker's risk?
Certainly. When Russian brokers sell the DMA service, they say that there are no risks or they are insignificant. But at the same time, if you talk to large foreign banks, you will find out that their compliance procedure for one of the Russian brokers will take about two years. No one will even start this procedure, because it is extremely long.
There are clients who do not consider the option of signing an agreement in Russian jurisdiction at all. Raiffeisenbank is a Russian subsidiary of a large European group, and foreign clients of their choice will sign an agreement with our head office or with us, and we will do all the service, including connection to the stock exchange.
- There are VTB and Sberbank, they probably have such a service ...
Yes, but VTB and Sberbank, in my opinion, are not currently actively offering DMA, especially to foreign investors.
Will you put your servers on the exchange to speed up signal transmission? What investments in IT will be required for this project?
Our server has always been in the Moscow Exchange data center, just like in London. This is necessary, first of all, for our own operations. DMA clients connect through the same servers. We have all the infrastructure, we invested a lot in it when we built our own system for electronic trading in the Forex market. We're always on the lookout for who can make the fastest internet connection between Moscow and London, because split seconds count.
Large investors working on different global platforms often use different technological solutions and systems for trading. Basically it is Bloomberg, Reuters, FIDESSA. We can connect a client through any of the systems quite quickly, not inferior in speed to any of the major Russian brokers.
- Which investors want to get direct access to trading on the Russian stock exchange and why now?
These are international banks, investment companies, funds. The connection process is not fast - for a large client it can take 6-9 months. It is very easy to sign an agreement, and then you need to connect all the wires, their servers to our servers, then you definitely need to make IT improvements on system integration, then all this needs to be tested. Testing always shows some problems that need improvement, then new testing. Only then does the real work begin.
With local clients, the process is much faster: they have more or less standardized requirements for a broker. This allows you to complete the connection within 1-1.5 months.
Why didn't we have this product before? First, there are not many foreign banks offering DMA to the Russian market. In my opinion, they are not very interested in this. As we know, many foreign banks even reduced their business in Russia or closed it altogether after 2014. Three or four Russian brokers are actively developing this area, but there is a market that is not covered by them. In addition, large foreign investors were not ready to enter the Russian market after 2014. According to our observations, only last year they began to think about it.
- Which markets are the most interesting for investors to access and why?
To the currency and securities market (shares and OFZs). Our market is attractive by volume and volatility. We have large volumes on the foreign exchange market, despite the fact that the ruble is a freely floating currency, its volatility is still quite high. This allows you to apply a variety of algorithms and trading strategies.
The same applies to the stock market. Institutional investors are generally attracted by the Russian market, which is quite large. If they want to invest in stocks, they can theoretically buy any position in the OTC market. But real money investors are also becoming more technologically advanced, looking for more technologically advanced and cheaper ways to build their portfolio, and place higher demands on the level of transparency of operations. Therefore, they are well suited for DMA access to the public market.
And for investors-speculators, of course, a small set of shares - "blue chips" - Sberbank, Gazprom and others are attractive. They have a huge daily volume and relatively narrow spreads, which allows you to quickly open and close relatively large positions, "catch" small short-term price fluctuations.
Bonds are also of interest to foreign investors, but they are primarily attracted by the OFZ market. And oddly enough, we even recently discovered that foreign banks are selling structured OFZ notes to their individual clients, and in large volumes.
- Is our futures market interesting for your clients?
For some clients, yes. If we talk about HFT and algorithmic traders, they are interested, strategic investors are less interested.
- How much investment, in your opinion, can you attract to the Russian market through DMA?
According to our estimates, the turnover of clients attracted by the bank through DMA over a 2-3 year horizon could be $200-230 bn per year.
Nikita Patrakhin, Head of the Directorate for Corporate Client Services and Investment Banking at Raiffeisenbank, told Dengi about how to fight for clients now and why digitalization is needed in corporate business.
Tell us about your priorities for 2018. Has it influenced CIB strategy new wave sanctions?
“Now we have two main focuses. Firstly, we are focused on portfolio growth in all areas, and much faster than the market. In 2017, we have already managed to show impressive results. The total portfolio grew by 10%, and we overtook the sector by two times. This largely ensured the growth in the medium-sized business segment by 54%. We are not going to stop: in 2018 we have even more ambitious goals.
Secondly, we plan to radically change the approach to the development of our products and significantly increase the level of digitalization of all products for corporate clients in the next one or two years.
US sanctions will not affect Raiffeisenbank's business and growth plans in Russia. Companies included in the new sanctions list account for only about 0.1% of RBI's total assets. At the same time, we have a reliable and stable business model, adapted to any external shocks.
- Let's go in order. Lending is not growing, and there is still a shortage of quality borrowers on the market. How to grow?
- You're right. However, a fairly large part of the economy is doing well and is growing at an above-average pace. First of all, these are exporting companies, as well as enterprises focused on domestic consumption. Among the latter, by the way, there is a large proportion of subsidiaries foreign companies who are definitely our target customers.
In addition, we see a large number of medium-sized companies (with revenue up to 5 billion rubles per year) with a steadily growing business. We aim to accelerate growth in this segment by actively attracting new customers. For this, we have strengthened teams in the regions to be closer to customers and grow with them, to be a "home" bank for medium-sized businesses that covers all the needs of each specific company.
It is very important that we do not set ourselves the goal of taking any market share. For corporate business, as well as for the business of the entire bank as a whole, the main goal is the profitability of our operations. In the current environment, we see opportunities for ourselves to grow further while maintaining a stable high level profitability.
- So you expect that you can grow without lowering interest rates on loans?
— Speaking of growth, I mean not only the size of the loan portfolio. Almost 60% of our clients do not use credit products at all, another 10% use only short-term overdrafts or treasury loans.
In order to grow in the number of non-credit customers, the size of the interest rate is unimportant. For such clients, first of all, the level of service, speed and convenience of our procedures and processes are important. Therefore, we are increasingly engaged in the technological development of our products.
Of course, I cannot say that interest rates on loans are completely unimportant. Certainly important. Credit remains the main or primary banking product for many clients, so we must also compete on the cost of credit. We are very well prepared for such competition.
Our unique advantage is the passive base structure. Raiffeisenbank has the highest share of current accounts among Russian banks both in retail and in corporate business. This provides us with a low cost of funding and the ability to compete on ruble loan rates even with state-owned banks.
That is why it is so important to focus not only on the size of the loan portfolio, but also on attracting non-lending customers, and we are actively working on the development of non-lending products.
— How and due to what it is possible to fight for these clients?
— Customers value convenience and speed. The client must feel that the bank is available and works just for him. The situation when the client feels that he is one of many and has to wait until his hands reach him is absolutely unacceptable.
It seems to me that many banks underestimate the importance of the level of service in the corporate segment, mistakenly believing that a company can be tied to a bank with a loan and it will endure inconvenient banking procedures and processes. This approach works less and less. We have been focusing on the quality and speed of our service for a long time, realizing that we will never compete in terms of the size of loans. And this is another advantage of ours.
We actively use NPS measurement methods in corporate products. This helps us identify issues that are most relevant to our clients. After all, both the market and the priorities of our customers are changing. Accordingly, we must change with them.
We are constantly improving our product line, we plan to significantly optimize the lending process and improve our customer relationship management (CRM) systems to make our customers feel comfortable with us.
— Due to which CIB products do you see growth potential?
- Now we see that the syndicated lending market is becoming more active. Raiffeisenbank is in the top 5 organizers of syndicated loans in terms of the number of transactions, and this is and will be one of the main sources of our income. We structure transactions on a turnkey basis - from consultation to loan disbursement, acting as a paying agent, as a collateral agent, and as a documentation agent.
We have a very strong product line in trade finance for both large and medium-sized businesses, and these products are in demand by an increasing number of companies. We offer not only classic trade finance products, but also complex and non-standard solutions with an individual approach to the requirements of a particular client. As part of the international RBI group, Raiffeisenbank has the widest geographic coverage in the market for trade finance transactions and possesses competencies that local banks do not always have.
We are actively and ahead of competitors in the transition of the documentary business to digital. Last year, Raiffeisenbank was one of the first in the Russian market to start issuing electronic guarantees in favor of government agencies. New technologies significantly save customers time and greatly simplify their workflow and procedures.
The same is true for other products where we are traditionally active and where there is an obvious need to introduce new technologies and simplify remote communication with the client: in liquidity management tools, payments, currency control, etc. Bank-client system upgrade, improvement client interface and system functionality are one of our main priorities for the coming years.
— Are there still promising segments where the bank can expand with new products?
— We recently launched a factoring business, which made a huge leap last year. He has great potential. In the very first year of operation of the factoring division, Raiffeisenbank became one of the largest market participants in terms of portfolio size.
We are absolutely focused on the further growth of this area both through the launch of new types of factoring and through the introduction of new technologies. Already now, our clients have access not only to classic factoring products with and without recourse, but also reverse factoring and two-factor international factoring through the international FCI network.
We definitely see good prospects in the leasing market: these services still have a very low level of penetration in Russia compared to other Eastern European countries, and we definitely have room to grow.
In general, for products that are not included in the standard line - loans, deposits, currency control - we see room for growth in the medium-sized business segment, especially in the regions. The regions are still heavily underserved in terms of such services and are worth investing in.
— Why do you see the need to invest in the digitalization of corporate products that have traditionally been more conservative than retail?
In general, our clients rate our services as very high quality. However, it must be admitted that this is often achieved through the individual approach of product specialists and client managers. Certainly, it is very valuable. But customers will appreciate us even more if interaction with us becomes more convenient and as simple as possible.
We are sure that the corporate business will inevitably come to the same level of digitalization as the retail one. But digitalization is not necessarily ecosystems, APIs and many other fashionable words now.
In our understanding, this process has two sides. The first is what the client sees: he can perform all the necessary operations remotely, without having to come to the bank. Very often, banks call digitalization the implementation of this particular part.
But there is a second, integral and even more important part - this is how the bank and its operations are changing internally, how the approach to product development is being transformed. It becomes very fast and continuous. We want our customers to see that we are indeed constantly improving our services.
Focus on the client
New International Client
Raiffeisenbank is a new financial partner for Virgin Connect, a member of the Virgin Group international conglomerate.
The bank provided Virgin Connect with a loan of 800 million rubles. for her investment projects and refinancing of the loan portfolio.
"It is very valuable for us that a partner bank is interested in assisting in the implementation of our development strategy and is aimed at constantly expanding cooperation," said Andras Kovacs, financial director virgin connect.
Development of medium business
As part of the strategy to develop medium-sized businesses, Raiffeisenbank began cooperation with the Blesk InCare group of companies, a leading operator in the field of textile processing and rental services.
Raiffeisenbank and Blesk InCare signed several loan agreements for total amount RUB 800 million
"Because we are a rapidly growing business, the most valuable for us are minimum terms going through the credit process - from the initial application to the receipt of money, wide range offered banking products and the ability of the bank to effectively solve emerging non-standard situations. All these needs of our business are fully met by Raiffeisenbank,” said Ruslan Felzing, financial director of the group.
Services with a personal touch
Raiffeisenbank expanded the capabilities of the acquiring product by accepting payments via bank cards in vending machines of Cafe+co, an international company specializing in the sale and installation of coffee machines.
The bank sees the expansion of the range of services in response to the needs of the company as strategically correct to continue mutually beneficial cooperation with a valuable client.
"We maintain long-term partnerships with Raiffeisenbank and are always satisfied with the results of our joint work, the quality of service and the bank's flexibility," said Tatyana Bugayeva, CFO of Cafe+Co Rus.
The largest deal in the industry
Raiffeisen Bank International AG and JSC Raiffeisenbank acted as organizers and coordinators of a syndicated loan for JSC Ilim Group, a leader in the pulp and paper industry (PPI).
The $500 million deal is structured as a four-year loan, signed in English law and syndicated to international investors.
The transaction became the largest in the corporate debt market in the pulp and paper industry in Eastern Europe, Russia and the CIS countries according to Dealogic.
Long term partnership
Raiffeisenbank acted as the organizer and agent of a syndicated loan for PJSC ChTPZ, a leading manufacturer of pipe products.
The four-year agreement was signed in Russian law for up to €150 million. The terms of the deal, structured as a dual-currency credit line, provide for an option to increase.
"Raiffeisenbank is one of the best financial partners of ChTPZ Group. The agreement for comfortable conditions enabled us to optimize our debt servicing costs and strengthened our position on international market capital,” commented Valery Borisov, Director for Finance and Economics of ChTPZ PJSC.
Best projects
Raiffeisenbank provided financing for the national leader in the pharmaceutical industry, Geropharm LLC, in the amount of €11 million.
A leasing agreement valid until 2021 was concluded for the supply of equipment to equip the company's plant in the city of Pushkin.
The commissioning of the new production facility will make it possible to fully meet the needs of Russian residents in insulin.
Svetlana Sagaydak resigned as Chairman of the Board of Directors of Sberbank Kazakhstan
On February 21, 2017, the powers of Svetlana Sagaydak, Chairman of the Board of Directors of Sberbank Kazakhstan, were terminated ahead of schedule.
The Supervisory Board of Sberbank decided to dismiss Svetlana Sagaydak from her positions in the Sberbank Group due to her personal initiative and the expiration of the contract with the international Sberbank Group from March 1, 2017.
Svetlana Sagaydak worked in the structure of Sberbank for nine years. Svetlana Sagaydak, Deputy Chairman of the Management Board of Sberbank, Head of the Sberbank International block, headed the Board of Directors of Sberbank Kazakhstan from December 28, 2016 to February 21, 2017. In accordance with the decision of the Board of Directors of Sberbank Kazakhstan, Natalya Lazareva was elected Chairman of the Board of Directors.
Rostislav Yanykin headed the Russian Standard card business
The fact that the card business of Russian Standard will be headed by the former head of the card business of Sberbank Rostislav Yanykin was reported by the Vedomosti newspaper on February 26, citing one of the retail bankers. This was confirmed by a bank representative. Yanykin, on the other hand, clarified that he has been working at Russian Standard since February 1 as an executive director of the credit card business: “My tasks include developing a new strategy for the bank’s card business.”
“In addition, Rostislav’s area of responsibility includes building long-term relationships with key partners and payment systems,” Ilya Zibarev reported through the press service of the bank’s chairman of the board. “The main focus of the credit card business department will be on stabilizing the card portfolio and providing conditions for its growth." Given the changes in the dynamics of the banking business, the renewal and development of the credit card business is especially relevant, he said in his response.
The interlocutor of Vedomosti pointed out that over time, Yanykin could join the board, since the card business is one of the key business for the bank. The press service does not comment on this.
Binbank re-elected board of directors, Mikhail Gutseriev became chairman
On an extraordinary general meeting shareholders of Binbank, held on February 28, 2017, a new board of directors of the bank was elected. It included Mikhail Gutseriev, Anzhelika Anshakova, Georgy Arakelyan, Sait-Salam Gutseriev, Said Gutseriev, Alexander Lukin, Kirill Lyubentsov, Sergey Maryin, Avet Mirakyan, Pyotr Morsin, Sergey Popov, Alexander Filatov and Mikail Shishkhanov.
Also on February 28, a meeting of the board of directors was held, at which Mikhail Gutseriev was elected chairman of the board of directors of Binbank, and Sergey Maryin - deputy chairman.
“This is a natural process in the development of Binbank. Mikhail Gutseriev is the founder and main shareholder of Binbank, and this is the person who provides and will provide the bank with the main support. Sait-Salam Gutseriev and Said Gutseriev also joined the board of directors of Binbank, this is absolutely logical within the framework of the structure family business. Nothing will change in the operational management of Binbank - I will continue to manage the bank as president and chairman of the board,” commented Mikail Shishkhanov, co-owner of Binbank. Georgy Arakelyan, Alexander Lukin, Avet Mirakyan, Petr Morsin and Sergey Popov (Financial Director of Slavkali IOOO) also became new members of the Board of Directors.
Nikita Patrakhin to head Raiffeisenbank's corporate client servicing and financing department, Oksana Panchenko left Raiffeisen Group
Nikita Patrakhin, a member of the board of Raiffeisenbank, takes the position of the head of the directorate for servicing and financing corporate clients of a credit institution. According to the press service of the bank, the appointment will take effect after the approval of his candidacy by the Bank of Russia.
The Directorate for Servicing and Financing Corporate Clients is merged with the Directorate for Investment Banking Services into a single structure.
Nikita Patrakhin has been working at the bank since 2001, since 2012 he has been a member of the board, head of the directorate for operations in capital markets and investment banking services. Having headed the directorate of servicing and financing corporate clients, he will remain the head of the investment banking business of Raiffeisenbank.
Oksana Panchenko, Member of the Management Board of Raiffeisenbank, Head of the Directorate for Servicing and Finance Corporate Clients, informed the Management Board and the Supervisory Board of Raiffeisenbank of her decision to develop her further career outside the Raiffeisen Group.
Oksana Panchenko started her career at Raiffeisenbank in 1997 as a corporate account manager. In 2008, she became a member of the Management Board and headed the Directorate for Servicing and Financing Corporate Clients.
Ivan Glazachev headed Yandex.Money
On March 1, Ivan Glazachev, a former member of the board and executive director of Russian Standard Bank, became CEO of Yandex.Money. current CEO Maria Gracheva will continue to work for the company as a Development Director. It will focus on new fintech projects and exploration of new markets.
In addition, the composition of the board of directors of Yandex.Money has changed. Now from the side of Sberbank it includes Lev Khasis, Elena Baturova, Vladislav Kreinin, Irina Shvakman, and from the side of Yandex - Alexander Shulgin, Evgenia Zavalishina and Mikhail Parakhin.
Ivan Glazachev has been working in merchant acquiring and payment services for over 13 years. For the last ten years he has worked at Russian Standard Bank, since 2012 he has been a member of the board. As an executive director, he supervised the block of acquiring and transactional business. The bank team led by Ivan created the third largest acquiring network in Russia, developed and implemented the largest white label card-to-card money transfer platform, which is used by many commercial organizations Russia. In addition, mobile and internet banking were successfully relaunched. Ivan holds an MBA from York University's Schulich School of Business in Toronto with a degree in investment and corporate finance, and a bachelor's degree from Moscow State University of Commerce with a degree in global economics.
Olga Makhova became a member of the Board of the DeltaCredit Mortgage Bank
Olga Makhova, head of the risk management service, has been appointed a member of the board of the DeltaCredit Mortgage Bank. The relevant decision of the Board of Directors was made after approval by the Bank of Russia. This was announced on March 7 by the press service of the credit institution.
Olga Makhova has 14 years of retail and risk management experience. She began her career at Societe Generale Group in 2005 at BSGV Bank. In July 2016, being the head of the retail credit risk department at Rosbank, she joined the Deltacredit team and headed the risk management service. Since the end of February 2017, she has been appointed a member of the board.
Olga is a graduate of the Nizhny Novgorod State University with a degree in mathematics, cybernetics and economics.
In an interview with Vedomosti&, Nikita Patrakhin, member of the board, head of the directorate for servicing corporate clients and investment banking operations of Raiffeisenbank, says.
"Corporate business is underinvested in terms of technology"
– You have a lot of agile stuff in your office. How long have you been interested in this approach?
- About the same time as everyone else - on financial market there is fashion too. We started actively using agile two years ago. We started by conducting trainings, educating people, encouraging the emergence of agile and scrum teams. It is important for us that employees themselves are imbued with and accept agile as effective method work so that change occurs on their own initiative. Pretty soon we had a lot of such teams in the bank.
Nikita Patrakhin
Member of the Management Board, Head of Corporate Client Services and Investment Banking Operations at Raiffeisenbank
He graduated from Novosibirsk State University with a degree in Mathematical Methods and Operations Research in Economics, and then received a master's degree from the Higher School of Economics (NRU HSE).
He began his career at Raiffeisenbank in 2001. In May 2006, he held the position of Head of the Corporate Finance and Investment Banking Operations Department of the Directorate for Servicing and Financing Corporate Clients, and since July 2010, he headed the department of the same name of the Treasury Directorate. In February 2012, he joined the Management Board of Raiffeisenbank, and in September he was appointed Head of the Directorate for Corporate Finance and Investment Banking. Since February 2017, he has been heading the joint directorate for servicing and financing corporate clients and investment banking services.
- And what is the effect?
– Somewhere positive results were noticeable immediately, but in some products it was not clear whether there was an improvement and, if so, when it would become noticeable or measurable. After about six months, we decided to study each team in detail, make a diagnosis: how it functions, how well and correctly people use agile / scrum principles, etc. We found that even in successful teams, the reasons for this success are very different and not always "blame" agile. Perhaps our main discovery was that people, using the same terms, understood them differently. In neighboring divisions, employees understood completely differently, say, what a product owner is. This is wrong, and for a large organization it can be very harmful. Then we decided to streamline the implementation of agile and start by agreeing on terms. But it turned out to be difficult. I remember that during the three or four hours of the board meeting we were only able to discuss one issue. We realized that the task is much more difficult, but it was worth it. Now we have a much better understanding of what to do, and more effectively implement changes.
– Any change in the management structure of large companies is always a big risk. Does it make sense to extend agile approaches to the entire organization?
– There is no idea to extend agile to the entire organization. That is unnecessary. This is primarily required for the development of products with a large share of the IT component, and it is logical to implement it precisely in those products and segments that are the most IT-dependent, where it really makes sense to assemble cross-functional teams. At the same time, there are many internal systems for which such an approach can even be harmful.
Agile is not a religion. There are four very simple and clear principles that describe the whole approach. The main essence of which is that common sense is more important than thoughtless following of procedures and rules. Alas, today, when they say: “We work according to agile”, first of all they mean something else: a board with multi-colored stickers pasted, everyone is wearing sweatshirts and jeans. (Laughs.)
– Another trendy topic is blockchain. In September, for the first time in the Russian market, your bank issued an electronic mortgage using the national MasterChain platform. Will you expand your work with blockchain technologies?
– At the moment, the industry is rather experimenting with where blockchain can be applied. Like, for example, with this mortgage. Last year, we with the company " Megaphone made for them the placement of bonds on the blockchain. You can issue guarantees and letters of credit.
But there is still no common understanding of how to get a measurable benefit from this technology. Perhaps when it starts to be used on an industrial scale and it begins to have a big impact on the business, everything will change, but it is not yet clear when this can happen.
It's not that there are any problems with the technology itself. Both banks and their clients must change and become ready for the blockchain. In particular, to the same mortgage: the client must agree that his mortgage exists on a blockchain platform, and not on a piece of paper that he can keep at home.
– There is an opinion that the problem of blockchain in the corporate finance segment is the unavailability of 99% Russian companies to transparency, for example, in reporting - a significant part of the economy operates in a gray area. Do you see this barrier?
– Not all processes need to be transferred to the blockchain. For example, a documentary business may well exist on it. There is logic in this. Perhaps lending and issuing securities. But when this will happen is not known. It may happen in a couple of years, or it may not take place in five years.
At the same time, there is an opinion that storing information and executing transactions in this way is more efficient and safer. But it is not yet obvious that the transition to blockchain will suddenly drastically reduce the costs of banks and customers. Rather, on the contrary, implementation will require additional investment from all.
In addition, it is necessary to change the regulation and legislation a lot. Therefore, I think that the main role in this process belongs to the Central Bank and the speed of transition to the blockchain will be determined by it.
– Another trendy feature on the market that everyone is talking about is big data. How actively does Raiffeisenbank work with big data?
– We have long appreciated the benefits of big data in the retail business and in the Capital Markets segment. But in corporate business, we hardly used it until recently.
- Why?
– It seems to me that the tasks that can be solved in corporate business using big data are much less obvious. Therefore, the implementation does not occur in the first place. Now, based on our experience in other segments, we believe that there is potential for big data in corporate business as well. We are actively involved in this.
“There is an opportunity to grow absolutely in any segment”
– How do you assess the results of Raiffeisenbank's corporate block this year?
– In terms of financial results, this year is very good!
Maybe it sounds strange, because the country's economy is growing very slowly, there are practically no new businesses. But the share of Raiffeisenbank is small, and we have the opportunity to grow in absolutely any segment. There are very good companies in the country that need banking services.
JSC Raiffeisenbank
Commercial Bank
Shareholders (bank data as of October 3, 2018): Raiffeisen Bank International AG (99.97%), Raiffeisen-Invest-Gesellschaft m.b.H. (0.03%).
Financial indicators (IFRS, H1 2018):
assets - 934.7 billion rubles,
capital - 129.2 billion rubles,
net profit - 17.4 billion rubles.
It ranks 10th in terms of assets in the ranking of Russian banks compiled by Interfax-CEA (as of October 1, 2018).
In 1862, Friedrich Wilhelm Raiffeisen, the mayor of several villages in the Westerwald region of Germany, created the first banking cooperative, which became the prototype of the Raiffeisen banks. In 1886 the first Raiffeisen Bank opened in Austria. In the 80s. 20th century the Raiffeisen group started to open subsidiary banks in the countries of Central and Eastern Europe. Since 1996, Raiffeisen Bank has been operating in Russia.
– Some time ago, lending was the driving force behind the entire corporate segment. What areas are you focusing on right now?
- Lending will always exist. In general, it seems to me that it is impossible and wrong to say that all banks will become ecosystems. The bank's key competence is risk assessment. First of all - credit risks. Until now, this has been the basic factor determining the success and efficiency of banks. Banks that know how to assess risks feel great and show excellent financial results, those who do not know how, consistently show poor results. This is a basic thing, and I think that credit organizations will not get away from this for many years to come. Even the fact that the size of the loan portfolio is a defining indicator of the bank's business indicates that the loan as a product is relevant. However, I agree that banks should become technology companies- in the sense that the service should become more technologically advanced and convenient for customers.
Our credit income is about 35% of the total corporate business income. The remaining 65% is non-lending income, which is approximately equally divided into two blocks: commission and income from liabilities. But, by the way, not all products bring us income.
- What do you have in mind?
– The most difficult product for us is acquiring. Sberbank, having the largest base of individual clients, can offer the most low prices- those that for other banks will be on the verge of profitability or unprofitable. Therefore, we can only look at acquiring as a kind of additional service to our other products - the same cash-management or other solutions that our customers use. If, thanks to acquiring, the client also uses other products, and in general it is beneficial for us, then we are ready to accept the loss on acquiring.
“Not all companies are interested in state-owned banks”
– In what segments is the bank growing the fastest?
– This year we are growing fastest in medium business and in the business of financial institutions. Next year, I'm sure it will continue. in business with big companies we are also growing, but somewhat more slowly, because we have much more business there.
– Why is the medium business segment growing?
- 3-5 years ago, the share of this business in our portfolio was very low - about 5% of the total corporate business. Our medium business grew by 15–20% per year, but this did not at all correspond to the potential of this segment in Russia.
This year we were able to double this business, which in terms of the loan portfolio means that it already exceeds 55 billion rubles. At the same time, the total loan portfolio of Raiffeisenbank is about 430 billion rubles. In terms of lending, medium-sized businesses have a higher margin than large ones.
– Do you have targets for medium-sized businesses? Let's say for a five-year perspective.
- I would not talk about a five-year perspective. Too far time. Our strategy is that we, as a universal bank, want to be present in all client segments. We have a strategy and a clear understanding of how we want to develop each of our products for the next 2-3 years, but we do not know what share we will occupy in a particular client segment. We do not have such a target. We are always looking at where it is worth putting more effort in order to increase profits.
Our shareholders evaluate us in fact on two indicators: Cost / Income Ratio and return on capital.
This is how we approach the valuation of our businesses in individual segments. In the short term, we see that growth in medium-sized businesses is more profitable than in large ones, and we have more opportunities there, competition is lower. Therefore, we go there and grow much faster there.
Why is the competition low? State banks are not interested in this segment?
- Interesting. But not all companies are interested in state-owned banks. And there are very few alternatives on the market.
– To what extent is medium business interested in investments and additional financing today?
- The economy is almost not growing, and the investment activity of companies - both medium and large - is very low. I do not see the potential to increase it yet.
The main need of companies is to increase working capital and investments related to the renewal of fixed assets. The banking market can easily cover all these needs.
– Do your medium-sized business clients have regional specifics?
– The loan portfolio of Moscow clients is about 30% of the total portfolio in the segment. For example, in big business the share of the Moscow portfolio is about 65%. I think that this reflects well the overall distribution of business in our country. The only feature that can be noted is that medium-sized companies in Moscow are less indebted than similar companies in the regions. Many Moscow clients do not need loans at all.
How do they pay off loans?
– Our statistics on reserves in medium-sized businesses is much better than in large ones. This is contrary to economic theory. (Laughs.) But the secret is simple: we have strict requirements for borrowing companies. On the one hand, we want to be a democratic bank in the sense that we are ready to work with companies of any size. But we care a lot about credit risks. This approach, I think, often helps our clients to take a different look at their business. They begin to understand what is important for banks, what we consider risky and what is not. This helps them in making their business decisions and maybe better assessing their business risks.
There is such a fact that it is harder to bargain with a smart client. Plus, he usually has higher requirements for the bank. But here we can just prove ourselves, because in terms of the development of services and technologies, we are more advanced than other banks in many respects. And it's good when a client can appreciate it and cooperate with us not because we gave him a loan, but because he sees additional value in working with us.
How many products per customer on average?
“We have only a few clients in large businesses who use only one product. We call such clients portfolio clients. On average, we have about six products for every active customer.
– Last year, Raiffeisenbank joined the Association of Factoring Companies. Why are you interested in this business?
– This is exactly the product in which we want to grow very strongly. It allows us to take credit risk on companies that generally do not take loans. By the way, these are very high-quality borrowers, often international ones.
Factoring allows us to finance clients to whom we would not be ready to lend directly. And everyone is happy! And we earn money with low risks.
How are you developing this business?
“This is a relatively new product for us. We have been actively offering it to customers for only about a year. We initially began to build factoring as a technological product with the maximum level of automation and digitalization. I hope that at the end of this - the beginning next year customers will start using its updated version, and I'm counting on the wow effect.
This is a really convenient and good product with a large digital component - a minimum of interaction with the bank, with people, with pieces of paper. We will be the first on the market to offer our clients a new level of speed and convenience in remote financing of deliveries.
What about leasing? You recently had an interesting property leasing deal.
- Yes, it was. We have leased a building for the German Chamber of Commerce. This is a unique deal - real estate leasing requires deep expertise and an individual approach to the development of the offer. The deal is very good, albeit modest in scope. I wish there were more of these.
I do not think that leasing of buildings will be actively developed now. Most likely there will be some single transactions. We find such chips on the market, where everything seems to be clear, and we can implement them. In general, our leasing portfolio is still very small - about 11 billion rubles. But we are obliged to have this product, as there are customers who need and are interested in it. We are counting on the growth of leasing in the next 2-3 years, but I don't know yet whether it will be comparable to the growth in medium-sized businesses. One thing is for sure: this segment of the business will grow faster than the average corporate portfolio in the market.
– It seems to me that there are no special barriers, and this applies not only to medium-sized businesses. Of course, there are common problems in the Russian economy that can be discussed at length, but they can be worked on. Most of the barriers for any business are associated solely with their own limitations. With limited time for the owners, which they are ready or, conversely, are forced to spend on business, with a limited vision of the future and prospects of their business, with the qualifications of managers.
There are entrepreneurs who start doing business in some segment. And it seems that the market is busy and, in theory, they cannot bring anything new there. And suddenly their company becomes successful! Very often, this is not due to the fact that they came up with some kind of superfood. They just started doing their business right. They didn't stop at the restrictions that hold their competitors back.
Look at international companies that do business in Russia. If you talk to the CEO/CFO of these companies, it is very rare to hear dissatisfaction with their Russian business. On the contrary, they say that they like working here, that the business here is very successful.
That is, in general, there are many opportunities in our country, and especially for medium-sized companies. Naturally, we can talk about difficulties. But they are everywhere anyway. And the limitations are primarily personal. What is called, in the heads.
– The Central Bank in September raised the key rate for the first time in four years. Have they changed as a result? financial conditions for your clients?
“It seems to me that it went relatively unnoticed for clients. Of course, interest rates on loans have increased - but within 0.5 percentage points. And since the previous couple of years everyone lived in conditions of constantly declining rates, nothing terrible happened due to an increase of 0.5%. So far, I do not see a tangible impact of this event on either medium-sized or large businesses.
But if we talk about the situation in a broader sense, then, of course, there are consequences. For example, we see fewer bond issues because it is much more profitable for companies to take out a loan than to issue bonds. But this is a temporary phenomenon.
- But the market is waiting for tougher sanctions, isn't it?
– I think that now the new sanctions are already included in the price. Could the sanctions be tougher than expected? They can. Will it be a disaster? I think no. It is important that no one expects the sanctions to suddenly disappear, everyone understands that they are for a long time. Naturally, from time to time, when politicians raise the level of discussion about new sanctions, we will see higher volatility in the market. But these will be temporary. The market is adapting very quickly.
Even with the strongest sanctions imaginable, the Russian market, being large enough, could function in isolation. Yes, it will be a new level of rates, the exchange rate of the ruble, but the market will develop, and with it the banking system. &
Text: Tatyana Ternovskaya, Anfisa Voronina
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