Brand Sberbank is $ 6, 2 billion. JP Morgan.

Brand Sberbank, according to the agency V-RATIO, is 6, $ 2 billion. - As much as the cost brand JP Morgan, when in 2000 it bought Chase Manhattan. According to the evaluators, the brand value - the parameter that is easy to calculate based on the economic performance of the bank. However, market participants believe that a significant share of the brand value of the Savings Bank is more than a century of bank accounting estimate treatable with difficulty.
Founded in 1991, the agency V-RATIO Business Consulting Company specializes in providing consulting services in the field of cost management companies. Brand value is estimated by a specially developed technique. According to the company, its clients include the presidential administration, the Bank of Russia, Ministry of Finance, Ministry of Taxation, the Government of Moscow, Lukoil, the group "Alpha", "Interros" AFC "System" and others.

Last Friday, a consulting company V-RATIO published the results of a study on the cost of the brand of Russian banks and companies in 2006. Managing partner of V-RATIO Oleg Chernozub explained RBC daily: «In order to assess the value of brands, we used discounted cash flow method, in which the subject of study is the cost of the economic effects of future periods. That is, we examined how much can earn this brand in the future for its owner. "

According to the study the brand value of the Savings Bank is estimated at 6, $ 2 billion. The rating agency Sberbank brand V-RATIO is much higher than the evaluation of other companies. For example, a branding company Interbrand Zintzmeyer & Lux AG assessed in 2006, the brand of Sberbank about $ 380 million., And brand Rosbank - 52, 7 million USD., That is only 7, 2 times less than the cost of the brand Sberbank. Agency V-RATIO, in turn, appreciated brand Rosbank 288 mln., That is 21, 5 times less than the brand of the Savings Bank. At the same time on Friday at the end of the close of trading on the RTS market capitalization of Sberbank was 69, 73 billion USD., And Rosbank - 4, 3 bln., That is 16, 2 times less capitalization of Sberbank.

Market participants have difficulty in assessing the proposed V-RATIO brand value of the Savings Bank. "It's hard to say 6, $ 2 billion. Sberbank for the brand - it's a lot or a little, - the chairman of board Igor Kogan Orgresbank. - It's better than $ 5 billion., But less than $ 7 billion. ".

Director of the Department of Private Banking Credit Suisse Alex Rodzianko considers that a fair assessment of the brand - a difficult task, if at all feasible. "To say that the brand is fairly valued, would be only the case if there were precedents for the purchase of only the name of the bank where all the assets were to the former owners, - said Mr. Rodzianko. - However, in the global banking history of such cases was not, or at least they are unknown to me. Therefore, assessment of the brand - it is always in some sense a theoretical experiment. " Moreover, he said, it is difficult to evaluate the brand of Sberbank, "because Sberbank - the bank is unique in Russia, and Russia - a special country."

Yet some historical parallels can hold. "In 2000, the merger took place Chase Manhattan Corp. and JP Morgan & Co., Chase Manhattan, and I paid for the purchase of JP Morgan $ 36 billion., while the market capitalization of the bank amounted to 30, $ 24 billion. That is actually almost $ 6 billion. Chase Manhattan paid for the brand JP Morgan, which remained in the name of the new corporation, and JP Morgan Chase », - says Alex Rodzianko.

At the same time, market participants believe that the last estimate of the Savings Bank brand is quite true, however, justified mainly by non-financial parameters of the bank. "For such an assessment of the Savings Bank brand is quite adequate and did not down. Because of the Savings Bank is a huge story, "- says the executive director of the financial corporation" Uralsib "Alexander vortex. "This is a unique historical banking brand in Russia, the cost of which has earned many, many years of work. All citizens of Russia and the Soviet Union know the name of "Savings Bank", which was the successor of Savings ", - adds the head of the trade with the shares of MDM Bank Derrick Perlin.

Finally, according to the CEO of MC "Alfa Capital" Valery Petrov, a significant proportion of the brand's success Sberbank accounts for its popularity abroad. "Savings Bank - one of the largest companies in the world rated Fortune 500. World famous brand value actually multiplying several times. Without this, the bank would not have had such a successful history of the stock market ", - explains Valery Petrov.

NATALIA Starostin, BORIS Derevyagin



via rbcdaily.ru