QIWI Comments on Revocation of Banking License of JSC QIWI Bank
NICOSIA, CYPRUS – February 26, 2024 – QIWI plc (NASDAQ and MOEX: QIWI) ("QIWI" or the "Company"), an innovative provider of cutting-edge fintech services, commented on recent developments in Russia related to the previously divested Russian assets, specifically, the revocation of the banking license of JSC QIWI Bank (the "QIWI Bank") and certain implications such developments may have on the Company's business and the previously announced intention to buy back its own shares.
Background
As part of its strategy to develop and expand its international business, on January 19, 2024, QIWI entered into an agreement to sell its Russian assets consolidated under its subsidiary JSC QIWI, including QIWI Bank being one of the subsidiaries of JSC QIWI (the "Transaction"). The Transaction was closed and all shares of JSC QIWI were transferred to Fusion Factor Fintech Limited (the "Buyer"), a Hong Kong company wholly-owned by Mr. Andrey Protopopov, the former Director and the CEO of QIWI plc, on January 29, 2024.
The price of the Transaction (the "Transaction price") was RUB 23.75 billion to be paid in several installments over four years. 100% of the shares of the Buyer were pledged in favor of the Company to secure the payment of the Transaction price.
Further, the Board of Directors of the Company convened an Extraordinary General Meeting of the shareholders (the "EGM") to be held on March 11, 2024 to approve a buyback tender offer (the "Buyback") for up to 10% of the Company's issued and outstanding shares, subject to consummation of the Transaction. The Buyback is expected to be financed by the proceeds from the Transaction.
Recent developments in Russia
On February 21, 2024, the CBR declared that it revoked the banking license from QIWI Bank for cases of non-compliance with federal banking laws and CBR regulations. The full version of the CBR press release is available at https://www.cbr.ru/eng/press/pr/?id=39708.
By its order, the CBR appointed the State Corporation Deposit Insurance Agency as the temporary management of QIWI Bank. The temporary management will carry out its activity until the appointment of a receiver or a liquidator. As a result, QIWI Bank was forced to cease operations.
To our knowledge, QIWI Bank had no signs of bankruptcy. Thus, after the liquidation procedure, the remaining capital should be transferred to its owner, JSC QIWI. As of December 31, 2023, the capital of QIWI Bank comprised RUB 25.0 billion. There is no certainty on how the situation will continue to develop, what time will be required for the liquidation, and whether any funds at all will be available to JSC QIWI after the liquidation.
Implications for QIWI plc
We note that QIWI Bank served as an operator for processing domestic payments in Russia and as a vendor and partner for various cross-border transactions, including certain products and services of our international businesses. We are currently assessing the implications for the Company's operating and financial performance, but, as of today, we are not able to provide any accurate estimates in this regard.
Implications for the Transaction
The revocation of QIWI Bank's banking license has a significant adverse effect on the valuation of JSC QIWI. However, the Purchase Agreement between QIWI plc and the Buyer provides that no subsequent changes in the valuation of the assets sold would affect the Transaction price. The Purchase Agreement further provides that neither party shall have the right to terminate (i.e., unilaterally refuse to perform in whole or in part) the Transaction. There can be no assurance at this time, however, whether the Buyer is going to be able to perform its obligations under the Purchase Agreement in accordance with the stipulated timeline.
Under the Pledge Agreement constituting the part of the Transaction, a payment default of the Buyer triggers the right (but not the obligation) of QIWI plc, at its sole discretion, to sell or dispose of the shares of the Buyer and of JSC QIWI at such time and in such manner (whether by public auction, private sale or otherwise) as QIWI plc may consider fit and for such consideration which may be equal to the fair market value as assessed by the independent appraiser or determined through a public auction, or correspond to the Transaction price. QIWI plc also has the right to apply any cash collected or received under or pursuant to this pledge in or towards satisfaction of the secured obligations.
QIWI plc underlines that there is no intention to return the disposed Russian assets back to the Company in case a payment default occurs. Instead, QIWI plc intends to initiate a search for a third party to purchase the receivable together with the right of claim to the pledge and/or pursue other rights and remedies available to the Company under the Purchase Agreement and the Pledge Agreements.
In case of a payment default, the process of selling the pledged shares may still involve various scenarios with varying degrees of complexity and uncertainty, which may lead to a prolonged and potentially arduous process of resolving the situation. This could involve negotiations, legal proceedings, or alternative arrangements, all of which may lead to an extended period of uncertainty in respect of the collectibility of the receivables related to the Transaction. We also note that the Transaction price is denominated in Russian Rubles, which creates currency risks such that a potential Ruble devaluation would have an adverse impact on the financial results of the Company.
Implications on the Buyback
Given that, as previously announced, the Company anticipates using the proceeds of the Transaction to finance the Buyback, any potential payment default by the Buyer would have an immediate adverse impact on the Company's ability to finance the Buyback. In case the payment default occurs, the Company would have to scale down the Buyback or postpone it until the situation with the collectability of the receivables under the Transaction is resolved.
About QIWI plc.
QIWI Global is an innovative provider of cutting-edge fintech services. We stand at the forefront of fintech innovations to facilitate and secure the digitalization of payments. Our mission is to create adaptive fintech solutions that connect companies and millions of people in a changing world. We offer a wide range of products under several directions: payment and financial services for merchants and B2C clients across various digital use-cases and several other investments in rapidly growing fintech businesses in the MENA, SEA, and EU.
QIWI's American depositary shares are listed on the NASDAQ and Moscow Exchange (ticker: QIWI). For more information, visit qiwi.global.
Contact
Investor Relations
+357.25028091
ir@qiwi.global
QIWI对撤销QIWI银行股份公司银行牌照的评论
塞浦路斯尼科西亚——2024年2月26日——尖端金融科技服务的创新提供商QIWI plc(纳斯达克和MOEX:QIWI)(“QIWI” 或 “公司”)评论了俄罗斯与先前剥离的俄罗斯资产有关的最新进展,特别是撤销QIWI银行(“QIWI银行”)的银行牌照以及此类事态发展可能对公司业务和先前宣布的某些影响打算回购自己的股票。
背景
作为其发展和扩大国际业务战略的一部分,QIWI于2024年1月19日签订了一项协议,出售其在子公司QIWI下合并的俄罗斯资产,其中包括QIWI银行作为QIWI股份公司的子公司之一(“交易”)。该交易已完成,QIWI股份公司的所有股份已于2024年1月29日转让给Fusion Factor Fintech Limited(“买方”),这是一家由QIWI plc前董事兼首席执行官安德烈·普罗托波夫先生全资拥有的香港公司。
交易价格(“交易价格”)为237.5亿卢布,将在四年内分期支付。买方100%的股份被质押给公司,以担保交易价格的支付。
此外,公司董事会召集了将于2024年3月11日举行的股东特别大会(“股东特别大会”),以批准对公司已发行和流通股票最多10%的回购要约(“回购”),但须待交易的完成。回购预计将由交易收益提供资金。
俄罗斯最近的事态发展
2024年2月21日,CBR宣布,它因不遵守联邦银行法和CBR法规而吊销了QIWI银行的银行牌照。CBR新闻稿的完整版本可在以下网址获得 https://www.cbr.ru/eng/press/pr/?id=39708。
根据其命令,CBR任命国有公司存款保险机构为QIWI银行的临时管理机构。在任命接管人或清算人之前,临时管理层将开展活动。结果,QIWI银行被迫停止运营。
据我们所知,QIWI银行没有破产的迹象。因此,清算程序结束后,剩余资本应转移给其所有者JSC QIWI。截至2023年12月31日,齐威银行的资本为250亿卢布。目前尚不确定情况将如何发展,清算需要多长时间,以及清算后JSC QIWI是否有任何资金可供JSC QIWI使用。
对 QIWI plc 的影响
我们注意到,QIWI Bank是处理俄罗斯国内支付的运营商,也是各种跨境交易(包括我们国际业务的某些产品和服务)的供应商和合作伙伴。我们目前正在评估对公司运营和财务业绩的影响,但截至今天,我们无法在这方面提供任何准确的估计。
对交易的影响
撤销QIWI银行的银行牌照对JSC QIWI的估值产生了重大的不利影响。但是,QIWI plc与买方之间的购买协议规定,出售资产估值的后续变化不会影响交易价格。购买协议进一步规定,任何一方都无权终止(例如.,单方面拒绝(全部或部分)执行该交易。但是,目前无法保证买方是否能够按照规定的时间表履行其在购买协议下的义务。
根据构成交易部分的质押协议,买方拖欠付款将触发QIWI plc自行决定在QIWI plc认为合适的时间和方式(无论是通过公开拍卖、私下出售还是其他方式)出售或处置买方和QIWI股份公司的股份(无论是通过公开拍卖、私下出售还是其他方式),并以可能等于其评估的公允市场价值的对价(但非义务)出售或处置买方和QIWI股份公司的股份独立评估师或通过公开拍卖确定,或对应于交易价格。QIWI plc还有权将根据本质押或根据本质押收集或收到的任何现金用于偿还附担保债务。
QIWI plc强调,如果发生付款违约,无意将处置的俄罗斯资产退还给该公司。相反,QIWI plc打算开始寻找第三方来购买应收账款以及质押权和/或根据购买协议和质押协议寻求公司可用的其他权利和补救措施。
如果出现付款违约,出售质押股票的过程仍可能涉及各种情景,复杂程度和不确定性各不相同,这可能会导致解决问题的过程漫长而可能很艰巨。这可能涉及谈判、法律程序或替代安排,所有这些都可能导致与交易相关的应收款的可收性方面的长期不确定性。我们还注意到,交易价格以俄罗斯卢布计价,这会带来货币风险,因此卢布的潜在贬值将对公司的财务业绩产生不利影响。
对回购的影响
鉴于正如先前宣布的那样,公司预计将使用交易的收益为回购融资,买方的任何潜在付款违约都将对公司为回购融资的能力产生直接的不利影响。如果发生付款违约,公司将不得不缩小回购规模或将其推迟到交易项下应收账款的可收性问题得到解决之后。
关于 QIWI plc
QIWI Global是尖端金融科技服务的创新提供商。我们站在金融科技创新的最前沿,以促进和保护支付的数字化。我们的使命是创建自适应金融科技解决方案,将不断变化的世界中的公司和数百万人联系起来。我们在多个方向上提供广泛的产品:为各种数字用例的商家和B2C客户提供支付和金融服务,以及对中东和北非、东南亚和欧盟快速增长的金融科技业务的其他几项投资。
QIWI的美国存托股票在纳斯达克和莫斯科交易所上市(股票代码:QIWI)。欲了解更多信息,请访问 qiwi.global。
联系我们
投资者关系
+357.25028091
ir@qiwi.global