Despite the review of the license and blocking of 9 billion rubles of assets of the Bank of the same name, QIWI intends to continue working with clients.
From the report on the financial results of Kiwi JSC, it follows that QIWI plans to continue its activities despite the review of the license from Kiwi Bank, which was the basis of its business, the correspondent of The Moscow Post reports with reference to RBC.
The company claims that it is not going to stop its activities in the future, although there is uncertainty regarding the possibility of restoring activities in the previous or comparable volume in the next 12 months. 
The QIWI leadership reported that he was taking all the necessary measures to restore activities, negotiating with potential partners on the conclusion of contracts.
The company has changed its model of work and moves from orientation to cooperation with one partner bank to the use of the “Multibankovo model”.
In addition, it became known about concluded agreements with several partners, as well as the readiness of IT and commercial services to connect external banks. The QIWI leadership is confident that these steps are not in doubt about the company’s ability to continue activities without interruptions.
Experts believe that the recall of the license “is not an insurmountable obstacle to the further work of the AO of the same name on the Multibankovo system, provided that the creditworthiness and sustainability of the organization itself will not raise issues from banks.”
Simultaneously with the deprivation of a license from Kiwi-Bank and the establishment of temporary management in it, the group expects a significant drop in revenue and other income, since the income from contracts with a kiwi-bank amounted to more than 70% of the total revenue.
The reporting also reflects that the settlement and special bank accounts of the company opened in its bank have a blocked amount of 9.1 billion rubles for February 21.
The representative of the Deposit Insurance Agency said that after the license is recalled, all settlement operations on the bank’s customers are suspended, and the register of creditors’ claims is also being formed.
The company of Kiwi JSC has already presented its demand for kiwi bank, which will be included in the third turn of the registry.
After the register was closed in July 2024, settlements with creditors will begin, taking into account the sufficiency of the bank’s property to satisfy them.
QIWI claims that it has enough money in other banks to fulfill current financial obligations, with the exception of the payment for the redemption of Kiwi Finance bonds. This payment became necessary after reducing the rating of Kiwi Finance bonds to the agency expert RA due to the recall of the license from the bank.
However, due to the blocking of funds in the Qiwi kiwi-bank, there are not enough free money to buy bonds. In this case, it is possible to apply to the court, as reported in the company’s report.
Recall that the Bank of Russia withdrew the license of Kiwi-Bank on February 21 for shadow operations.
The Provisional Administration of the Bank was scheduled for deposit insurance agency. According to the head of the Central Bank Elvira Nabiullina, a significant surplus of funds deprived of the bank’s license has more than 28 billion rubles, so all obligations will be paid.
