Presenting his new venture, Prokhorov explained why he chose to call it Unexim, a name closely associated with one of the most notorious Russian banks of the turbulent 1990s and with the financial meltdown of 1998.
“We called our fund Unexim for a good reason. In the 1990s, its namesake was a major trend-setter in the banking business,” Prokhorov said, despite having himself, back in 1999, described the Unexim brand a “noble name that is nonetheless already a basket case.” In the last years of Prokhorov’s alliance with Potanin, they used Interros Group tomanage their joint assets but several months ago announced a divorce - formally over different business perspectives but many say Potanin, whose loyalty to family life is well known, was frustrated by a sex scandal his unmarried partner became entangled in.
At June’s news conference, reporters were expecting business details but Prokhorov was short on that, focusing instead on his new company’s name and capitalization.
Unexim will get 22% in Norilsk Nickel and Polyus Gold, half of Interros – which also has its own stakes in both companies, - then 69% of Rosbank, 100% of Prof-Media, 30% in Silovye Mashiny, 58% in Open Investments, and 17.5% in Plug Power, a U.S. innovative company.
Prokhorov promised to have the divorce deal closed by the end of the year.
“And then we will see whether to swap assets with Potanin or buy them out,” he said.
He brushed off speculation of personal rift between himself and Potanin.
“New rumors that we have differences or have fell out with one another seem to emerge every six weeks.
One thing I can tell you is that there is absolutely no basis for a conflict because Vladimir and I are co-owners on an equal basis. After all, we have worked together for 16 years – why quarrel?” he told Izvestia.
However, differences are visible enough. The most recent was the acquisition of a Canadian company called LionOre: Potanin wants it, Prokhorov does not.
“I don’t think LionOre is worth its price,” Prokhorov said - which is understandable, considering his clear disappointment with the nickel business.
The new Group Unexim will engage in advanced energy research, including hydrogen energy, nanotechnology, and new explorations. Currently valued at $17 billion, Prokhorov said, his business can grow to $30 billion within five years.
“I want to be only in a business where there is an opportunity to grow several times,” he said.
