Central Bank wants to get veto right for changing of controlling shareholder. Natalia Vodolagina quoted by “Vedomosti” business edition

The Central Bank wants to get veto right for changing of controlling shareholder in a financial institution of system significance. Deputy Chairman of the Central Bank Sergei Shvetsov announced. The regulator set goal to initiate the adoption of such bill, he said.

"We have faced  the phenomenon that a perfectly functioning for a long time organization may be on the verge of bankruptcy in a matter of weeks after controlling shareholder sells its share to another shareholder whose control is dispersed if there is a reason not to receive a permit CB, or being concentrated, "- said Shvetsov. He said that the Central Bank came to the conclusion that the regulator should not only coordinate the acquisition of large shares, but also attentively monitor changes in the controlling shareholders.

"We have few, I will say more, we definitely have no banks with dispersed ownership shares. There is a specific group or a particular person behind each organization. And the work of the bank is determined by this shareholder in significant manner", Shvetsov said. Changing of this shareholder can change the management conception despite the history of this organization. Therefore, the regulator should closely monitor how one organization is handed from one person to another, he said.

The Central Bank already has the right to block the change of shareholders in a bank when selling more than 10% shares, Natalia Vodolagina, a partner of the Westside law firm sais. The Central Bank may refuse, if the purchaser has an unsatisfactory financial situation or no approval of the transaction by the antimonopoly body has been provided, she gives an example. If veto right to replace bank's shareholder will be imposed without any objective criteria, this will contradict the principle of freedom of contract, as well as the principle of protecting private property, according to which the owner has the right to dispose of his property, Vodolagina continues. It may lead to a situation when the shareholder of the bank will be groundlessly prohibited to dispose of the shares.

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https://www.gazeta.ru/business/2018/01/29/11629447.shtml?updated