Russian investors bought out more than half of the shares of Renaissance Insurance as part of the IPO

More than half of the shares of the Renaissance Insurance group in the framework of the initial public offering (IPO) on the Moscow Exchange were bought by Russian investors. This was announced by the president and chairman of the board of directors of the company Boris Yordan. Trading began today, October 21. “Most of the investors were from the USA, Europe and Russia. This deal, which I personally liked very much, was dominated by Russian investors who, of course, know the market better than foreign ones and know the financial market … Somewhere more than 50% of the book was Russian money, and the rest was divided between the USA and Europe ” – said Mr. Jordan at the opening ceremony of the auction (quoted by RIA Novosti). The placement price was 120 rubles. At the opening, quotes soared by almost 25% (up to 149.5 rubles), after which they went into the red, and at 10:50 Moscow time they are traded at 119.3 rubles. As Kommersant previously reported, Renaissance Insurance closed the book orders at the lower border of the announced range. The existing shareholders had to refuse to sell their securities. The company was valued….

The court banned the sale of smartphones with the Samsung Pay service in Russia

The Moscow Arbitration Court banned Samsung Electronics from importing, selling and storing 61 models of the company’s smartphones to Russia due to the use of the Samsung Pay payment service. This was reported by RIA Novosti with reference to the operative part of the additional court decision on the claim of the Swiss Sqwin SA. The claim was filed by the Swiss Sqwin SA. The company believes that the payment service infringes its rights to the invention of the Electronic Payment System, which is protected by a Russian patent. The use of the products was banned back in July, but no specific models were specified. In August, the plaintiff petitioned for the court to clarify the requirements, and the order was issued on October 19. It contains a closed list of models “intended for the use of the Samsung Rau payment service, during the operation (operation) of which, in accordance with their purpose, the patented method is automatically carried out.” It includes 61 models, including Samsung Galaxy J5, Samsung Galaxy Z Flip and Samsung Galaxy Fold. In August, a division of the company….

Banks ask the Central Bank to postpone the introduction of loans for biometrics

The Association of Banks “Russia” (ADB) sent a letter to the Central Bank with a request to postpone for a year the mandatory introduction of the possibility of opening accounts, deposits and issuing loans using biometrics. According to the organization, by the earlier appointed date – January 1, 2022 – banks simply will not have time to provide this technologically. RBC got acquainted with the letter, its authenticity was confirmed by the vice-president of ADB Alexey Voylukov. “According to information received from credit institutions – members of the Association“ Russia ”, not all banks with a universal license are ready to fulfill the legislative requirement in full by January 1, 2022 and implement the provision of services for opening accounts, accepting deposits and issuing loans to individuals through their the official website and mobile application, “the letter says. The organization asks to postpone the mandatory introduction of the ability to carry out financial transactions through the Unified Biometric System (UBS) until January 1, 2023. In addition, it is proposed to allow banks to provide services through the EBS in only one channel….

Insurance went down at the lower border // The current shareholders of Renaissance Insurance were unable to sell their shares at the IPO


The first placement of a non-bank financial group on the Russian market over the past five years has not gone well. Renaissance Insurance closed the order book at the lower end of the announced range, and the existing shareholders had to refuse to sell their shares. As a result, the company was valued at RUB 67.2 billion. Investors’ demand was limited by an unfamiliar business and an overestimation of the company itself, experts say. …

The authorities plan to oblige banks to report debts to Russians

In October, the State Duma will consider a bill, according to which banks and microfinance organizations (MFOs) will be required to check the debts of Russians when issuing loans in the amount of 10 thousand rubles or more, calculate the debt burden indicator (PDI) and inform citizens about the risks of exceeding it, reports the newspaper “Izvestia” with reference to the press service of the Central Bank. The Central Bank took part in the development of the document, this draft law also received support from the government. According to the current legislation, banks and MFOs must calculate the indicator of the borrower’s debt burden when granting a loan or loan, but the obligation to notify citizens about the calculated PIT is not enshrined in the law. that banks and MFOs will have to notify citizens about the risk of default on loan obligations with a high value of personal income tax (more than 50%). This should help the borrower to make “an informed decision about the need to obtain a consumer loan (loan)” and increase the financial literacy of citizens, noted in ….