|This article does not cite any references or sources. (March 2015)|
The bank's financial condition was seriously damaged during the 1998 financial crisis due to a requirement by the Russian Central Bank that all commercial banks keep an economically untenable[editorializing] proportion of their reserve requirements in Russian treasury bills known as GKO, which subsequently collapsed, causing a default which led to the crisis and Bank Menatep's bankruptcy. The Central Bank revoked Menatep's licence in May 1999.
According to Ernest Backes, former #3 of Clearstream, a clearing-house which has been qualified as a "bank of banks", Menatep maintained an unpublished secret account at Clearstream until at least 2000. The bankruptcy was finalized by February 2001. In an unprecedented move[peacock term], the core shareholders of the bank, the financial holding Group Menatep of which Khodorkovsky was a principal, decided to share their own money with the 15,000 Bank Menatep small depositors whose savings had been wiped out by the collapse. A new Bank Menatep Saint Petersburg was created[when?] from a Saint Petersburg division of Bank Menatep. It accumulated the assets, but not the liabilities of the original bank.
In 2004, the bank was bought by the management and renamed to 'Trust National Bank'.