How the Qiwi group is looking for a replacement for Qiwi Bank
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Qiwi Group (MOEX: QIWI) intends to continue working, despite the revocation of the license and the blocking of assets worth 9 billion rubles, as follows from the company’s financial results report. Qiwi plans to switch to the so-called multi-bank model. As follows from the document, the group has already agreed with several partners to connect external banks. However, the report said that Qiwi Bank is in a state of uncertainty, and it is not yet clear whether the group will be able to restore its activities to the same or comparable volume in the next 12 months.
What are the company’s prospects? General Director of the BusinessDrom agency Pavel Samiev believes that this option may be the only one for Qiwi: “This means that they should have settlement banks. If they previously worked directly with Qiwi Bank, now this is impossible, especially since there were even blocked funds left there. It is likely that they will be able to get everything during the process of liquidating this organization, but it will take time.
And now, in any case, clearing banks are needed for this entire system to function. This is a normal format, it’s just clear that in the previous model with its own bank in the group there was more logic. Qiwi Bank was the main financial institution the group worked with. There is probably no point in creating some kind of system for working with a large number of banks on the market; it is less efficient and less profitable. But now, in the absence of your own bank, it is obvious that this is the only way. And not a single financial organization will agree to become the only partner in exactly this format. I think this is already one of the requirements from the banks themselves.
What could be the disadvantages of such a scheme? This is a matter of negotiations with different banks. The conditions may not need to be strictly synchronized. I don’t see any other risks other than a decrease in margins due to the fact that the conditions may not be very comfortable. And it is clear that they are in a dependent position on market participants, on the one hand. On the other hand, some banks, including not very large ones, would be interested in such a partnership and may even offer good conditions, that is, in general, there are two-way movements here.”
The group’s report also said that Qiwi expects a significant decline in revenue and other income. This is due to the fact that the group’s credit institution accounted for more than 70% of the total cash receipts. In addition, the company expects that the situation will affect settlements with partners. In some agreements the group acted as a bank paying agent on behalf of Qiwi Bank. Most likely, new players will consult with the Central Bank before making a decision on cooperation with Qiwi, believes independent economic expert Semyon Novoprudsky: “It is quite possible that, for example, Tochka Bank, which took over part of Qiwi’s client accounts, will agree. Most likely, they can agree on some conditions, taking into account the small operational benefits, banks for entrepreneurs.
At the same time, the market understands that the reason for the revocation of the Qiwi Bank license was not financial problems, but rather, from the point of view of the Bank of Russia, dubious financial transactions. That is, the financial stability of the Qiwi group and Qiwi Bank before the revocation of the license was not in doubt among market participants. Therefore, theoretically, some small banks that specialize in private transfers and transfers of individual entrepreneurs may agree. In any case, such financial institutions will even try to conduct informal consultations with the regulator on whether they can hedge their bets just in case.”
The group also said it would not be able to repurchase Qiwi Finance bonds until April 11, the expiration date of the offer. The company clarified that it has sufficient funds to repay, but cannot use them due to the blocking. In addition, the reporting states that failure to fulfill obligations under the offer will lead to temporary insolvency of Qiwi Finance and Qiwi. This may become a formal basis for creditors to go to court.
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