great. that was seven thirty on saturday night here in moscow you with the headlines for you now. for travelers turns into high profile discussions of the. asia pacific nations gather in hawaii hoping to isolate themselves from the spreading euro zone . italy prepares for the dawn of a post. intended as a last line of defense against collapsing confidence in. the protocol of the

occupy movement blossoms in germany as protesters flood the political and financial capitals of the country the government put a hold on corporate greed. time for the european debt crisis has shrunk revenues and forced banks to. bail out but russia's weathered the storm. hello yes and welcome to talk like the interview show. i now do novel today my guest on the show is primacy of. the european debt crisis shrinks revenues and forces banks jobs and port vale brush it's doing all right

but economists say they will have to tighten belts to move it is downgrading the russian banking sector and the ruble is losing its value all this trouble in russia's biggest bank there's a very bad celebrates its anniversary saying it's going to become a transnational company. isn't it peddling while real news how is her bank going to grow while others are struggling to survive we're asking the banks deputies see. russia's banking flagships burbank turns a hundred and seventy this month through the years has become the largest bank in eastern europe about half of all russian citizens retail deposits there are banks brands worth nearly twelve billion dollars which makes it one of the strongest bank branches in the world instead of a birthday party the company has arranged

a conference to figure out its future urban he's aiming to become a trans national financial institution in the next ten years but it's not that easy the ongoing economic turmoil and financial. elite. hello and welcome to the show thanks for having us thank you very much for being with us so first of all things graduations it's the one hundred. burbank is the only bank that survived the socialist revolution of nine hundred seventeen then in other. words you were so so so was so it's been there for i was greeted by the. addict of eighteen forty one so it's an institution limits are. reclusive burbank is celebrating the anniversary and the news of the continuing eurozone crisis well

is this crisis are these news that we're getting for in europe are they creating any problems any any risks for the russian banking system. directly no. any possible impact for very negative scenarios i thought had russia. would filter through to the russian banking system only through the russian real sector and it is largely through the overall economic activity of the corporate sector and for the consumer. which may experience some slowdown that would in fact both volumes of the banking business and. the of its eye to the great interest from the banking sector however it is important to differentiate the russian banking sector as a very specific structure and. spare a bank which is anywhere between three to twenty times bigger than the nearest competitor is the next pac ten twenty banks which are feeling pretty strong and it

is a one hundred institutions which would probably suffer but i can see three to twenty times bigger than that compared to say you don't know the figures no i don't have the figures or your competitor plays that would you want to say no no no i depend upon upon what you look at if it's by assets then it's three times bigger if it's by branch network we've got eighteen thousand branches this is too complicated for me. but i think it is leave it here three times bigger than h.s.b.c. globally in terms of number of branches but it's the global year they're making is important you have plans to go. international i would say international global for a little let's get back to the problems that we may be facing as you came into office today we talked about the crisis of two thousand and eight which was enormous do you expect that something similar may happen to the russian making c two i don't think the russian banking sector. moody has downgraded russian banking sector

recently so what does it mean do you mean that you will rise the curse of borrowing inside that country. when you say you refer to the bank you think about banking sector the cost of borrowing is driven mostly by by the level of risk again we sense that any possible slowdown to the russian like record would not be overstocking. rather something that is gradual and not as dramatic and therefore maybe some gradual adjustment to the cost of credit for different type of war is maybe. in you but i don't think it is going to be universal shock for everyone with big increase in the cost of credit well there are signs there these days russia banking system is going through sort of a liquidity squeeze does it mean that the central bank will be there tightening its

monthly policy in the near future well. central with respect to the monetary policy and liquidity in the banking sector not necessarily tightening what systemic duty the central bank is to perform is to make sure that this system is coherent and operates. stable e in any conditions that the market me whether. that whilst tightening would rather apply to much closer attention to the quality and stability of particular institution is that a members of the system i don't think. the situation is of is very similar to me this time the regulator has a very. diverse set of instruments to support systemic liquidity that have been used and tested in two thousand and eight and nine quite successfully. regulated

russia central bank is now very vigilant and is capable of fine tuning the situation very precisely. you so not semitic you should have to misstate what. your bank has has raised its deposit rates isn't it a sign of the problem is a however the credit squeeze and meaning. not necessarily. the. joinder stanley sugar actually one has to remember that in the overall context russia and russia and savers have been living in an environment of negative real savings rate and the just means that we do now our bureau lee to. keep keep the rates in line with what's going in the overall interest rate environment in the country yes the rates have gone up somewhat but i don't think the changes that we're doing at that dramatic on the backdrop of the cuts in the

rates that the banking sector have done in the preceding two years we read in the press that the central bank has boosted measures to counter the funding squeeze providing three knowing seven billion rubles which is thirteen billion us two lenders in overweight reproach chase options i looked over twenty but i don't really know what that means. but. this means support to the backs so do you think they have the support who continue. well this means us being an active market maker in a reborn market which is from the standpoint of our risk capital it fits into perception very well because it actually is the least risky and we are far less making sure it will be excessively quiddity that we have got works well and areas as money well the second and this is the primary reason for that the second reason for it also

indirectly you greece is the liquidity in the banking sector and this is where our commercial interest coincides with the benefit of the overall market which is very often the true because simply in terms of all relative size to single economy in the single banking sector we're probably the biggest bank in the world where. the russian bankers are we learning from the west because the system is pretty. poor pretty young i mean that still twenty years into it has been started to melt we've been seeing what's going on in the west how the banks and other governments carp rated to overcome problems so looking at the example of the united states american trees as a worst case scenario could russian banks be seeking bailouts from the states will the russian banks be doing that what do you think well some of them may have and we've seen that back in two thousand eight hundred thousand nine i think the russian banking sector went off not as heavily damaged by the crisis as

it could have. and as compared to the banking sectors in the west and definitely as compared to what is going now in europe so one can never rule this out this all extremely unlikely to happen because our operation is actually in reverse the worse the environment. the more excessive liquidity we get because we've become the safety haven't and the more margins were able to the the sweeter margins were able to command because we've become the lender of last resort and we can choose moody or us again moody's rates depth of spirit bank eighty three which is the fourth lowest to guzzle grade and one level above the government there is there i mean that is burbank will be and renewing and reviewing its business policy. for what purpose for the purpose of technically following in your ratings i don't

think so we know what you mean i don't know but you all see we don't care about ratings i think even the prime minister said we don't care what we do is we do i know you do but we do care about the ratings but i think. going as far as saying oh you change your strategy for the sake all for improving your rating would be a bit and obviously likely this is a bit of an obvious truth the fundamental point but competitive advantages of spare bank transcending and not only ratings but generations and it is our strategy is to make the most of them commercially on one side but on the other state not to forget that it is satisfying the needs of the clients the briggs's the profits and you know working exclusively for profits ratings or any part financial parameter alone . disregarding your client is

a go down you should go there will always well the client is profits yes so disregarding the client also means this regarding profit i mean you know doctors the bank. says on top of that i was in the c.e.o. of the bag spotlight who would be back shortly right out to a break so stay where you are and we'll be back in the same. i'm discovering species. i am communicating with the want to. test yourself and become free. what nature can give.

wealthy british scientists are some time to. market trying to. come to. find out what's really happening to the global economy with my stronger for a no holds barred look at the global financial headlines tune in to kaiser report. twenty years ago the largest country in. disarray to. see. what how did you come. to teach began a journey. where to take a. welcome

back to spotlight i know good love and just a reminder that my guests today are the studio is. the largest they can russia which is celebrating its one hundred seventh birthday on the twelfth of november and so we talked about about problems that the russian banking system may be facing world thanks all over the world may be facing probably these days let's talk about different things let's talk about about the prospectus. e.u.r. i know reportedly looking at then he's got the turkish arm of dexia it's a pretty large bank in turkey then you want to see it as a potential acquisition targets so what are the conditions for you to start buying innocent like this which is pretty. again the size is all in relative terms

that you can measure it against our own business it is not that significant. dirty specifically is an interesting market for us we don't think we have a particular. focus on a specific target be that denise or anything at this moment. we. overall answering your broader part of your question will rule think about our international expansion in the context that. it is something that will be fundamental fundamental saw future in seven ten fifteen years rather than something that is that is very urgent today because strategically for us our top priorities are going to stick and we've been c.i.s. good in c. as well represented already. so it is rather thinking about the future growth

prospects of that we are looking at markets like china india eastern europe and that region but including turkey i don't think there's any immediate deal that is right on the table with concrete negotiations at the moment. but the also means that we will continue to look at those markets carefully well you mentioned the c.i.s. the former soviet countries have recently been to key have been talking to all children people i've heard the interesting thing they said that when ukraine has has. separated society up the session from the years the summer when people went to disappear across which was what was the bank called and also you is a sorry a. after after they became independent there will be no no more money no more savings everything was taken by russia so your money are in russia and they were

pocketed actually backed by moscow and that was that was reportedly seventy billion u.s. dollars what this was a very good propaganda thing of course but what of what wasn't true i don't think so well legally the big bank of the savings bank of the soviet union was split into parts in accordance with the new jersey actions the russian parliament to russia the ukrainian speed. in ukraine belarus like other than everywhere and while the bank back of van. wasn't particularly well capitalized and liquid and there were some savings lost back in the big depreciation of the view of the currency in the early ninety's so everyone lost russian government still plays in compensation for lost savings in back in ninety one through the russian citizen who was about my last two i think your family lost two birds the difference is that we lost to our own government and the ukrainians

feel that what they lost would park it in my usual berlin very badly so this is not true that there wasn't much to pocket in the for seventeen billion us well yes you pocket something very strange of all but the money was pretty much lost by the bank of the soviet union. universally. so i think there's there's a bit of an attitude to equitable loss mold parts of the saudi society and then you go inside it was the fact that the turned out into so as a separate government so this is there are various head get under your boss said that the condition for a for a for this privatization is the price of one hundred roubles for a share for a single share is burbank so the question is can this burbank start repairing our own share in order to reach this goal i don't think it will change investment grade if anything from what we hear from the international investors community this road

position is perceived as a very positive signal. that can only be perceived as a positive signal from the standpoint that investors now trust it's very competitive and flexible enough to not be dependent on any state help or any state support or economic stake in the capital of the brain overall now this proposition is obviously just a part of it's bringing the gun from fifty seven point six percent to fifty percent plus one share. which is. large ish in absolute size but in relative terms of the market represents just a few trading days in the very bank stock so the timing. as to when it will happen the answer is very simple when the pricing gets back to the sensible level because clearly currently their bank is undervalued. and whichever way you

look at it going to fundamentals a very competitive position so anything is not the right time to do it i don't think immediately now it's right and also that the selling shareholder and i'm a shareholder as well would obviously find it irrational to sell now at a price that is you know about eighty rubles today as we speak when just two three months ago it was above one hundred roubles pressure so the market dislocation will need to correct itself a little bit before that happens your boss a good banks have given growth there the condition for the protocol ation is the price of one hundred roubles for one share so the question here is that you said that you were ready it's that kills prepared start recruiting basing its shares in order to reach this goal set by growth. repurchase of our shares buybacks of our shares we have. been considering as one of the two to manage

our own capital we are somewhat excessively capitalized at the moment but we haven't considered this for the purpose of influencing the stock price in preparation for. the privatization because that would have been called manipulation and we're not. wanting to be seen to do that so. if you do that nobody will there that no google no any any time there's verbeck and i want to consider this it will do it in the most transparent and appropriate manner as required by all the exchanges but we're listed in the regulations in all jurisdictions that we're trading. earlier this year you yourself were quoted as saying that you're planning to to to to to start listing burbank on the london sky stock exchange are you still planning there and then how's it going well for all

intents and purposes since first of july this year will really our stock already has full access to trading on london stock exchange and our daily trading volumes in london are now. you know one hundred or sometimes more million dollars a day our total daily trading volumes are around five six hundred million dollars of which a big part is in london big parties and frack for frankfurt big parties in over the country usa your little ones big part in the truck the international trading platform and of course the big part in local domestic markets so. admission to trade in all those exchanges and marketplaces requires the company to be pretty much as transparent as well governed as compliant with all the regulations as if it was fully listed so for that matter we sort of already there the technicalities as to which least you are wrong we may consider

a bit later on within the next few months but from the standpoint of an investor who fully tradeable anywhere. well you mentioned early in this interview mention going global it goes i realise certainly that there is only very street here celebrating these days there are literally thirdly you're holding a conference which is an international conference a global conference where you setting goals and so the two thousand and twenty one years of the ten years ten years ahead are these plans that she discussed thing and that's how they really are global i think your bank of really becoming becoming the world bank well our key driver is the success for both our clients and our investors it definitely means us becoming international globality is a much bigger and it would be unwise for us to remove it to come immediately. we will possibly come to that later on but the topic all of the.

conference is not necessarily about telling the whole of the world housebreak is going to become global now we are embracing the new concept of crowdsourcing and we want to run a number of projects to use crowdsourcing to the postmarks impossible effect and to show the results of his projects all of what the crowdsourcing can produce as possible solutions and directions for russia as the marketplace bank as. a bank it striving to become one of the best in the world doesn't equal global but one of the best in the world. includes international and how to make russian market a very attractive place so the results of that crowdsourcing exercise try to find those directions and solutions are going to be presented to do global economic community on our conference and i think this this is something new that no one has

done at this scale before and it can be very interesting. first question. when people from gas program here they see we're shareholders of gazprom and you say i'm a shareholder of spirit console and so for those that mean that being in the finance business. putting your money into somewhere it isn't i mean it's it's not a matter of business it's a matter of of trust. of course and second it's like a religion of both religion. it is it is rather trust into something that you also very know very much most scientifically. for me so thank you thank you very much for being with us today and just to remind us that my guest i'm sure was i'm calling times the deputy c.e.o. to serve and that since without all of the spotlight would be back with more time tom and father was going on in and. until then they are parties and take

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canada and the u.s. vets it is legal for you to give a bubble bath on your baby they contains a known carcinogen something that causes cancer most of the sharing stuff and i'll put in different they are also in that industry and most of the time great don't create their goals with a few just today an average cancer drug prescription costs nearly one thousand six hundred dollars a month oh my god nobody with cancer in my five therefore perfect focus because ninety two ninety five percent of cancers heard from people with health funny history of cancer the pharmaceutical industry spends about fourteen percent of their budget on research and development and about thirty one.