Bank of Moscow: Difference between revisions
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| native_name_lang = ru |
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| logo = [[File:Bank_of_Moscow_Logo.png|230px]] |
| logo = [[File:Bank_of_Moscow_Logo.png|230px]] |
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| traded_as = MSKB@RU |
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| predecessor = |
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| founder = |
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| defunct = |
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| location_city = Moscow, Russia |
| location_city = Moscow, Russia |
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| location_country = Russia |
| location_country = Russia |
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| locations = 42 branches in Moscow and Moscow region and 43 branches in major cities of Russia |
| locations = 42 branches in Moscow and Moscow region and 43 branches in major cities of Russia |
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| area_served = Russia |
| area_served = Russia |
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| key_people = Andrei Kostin (Chairman), |
| key_people = Andrei Kostin (Chairman), Gennadiy Soldatenkov (chairman) |
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| industry = Banking |
| industry = Banking |
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| products = |
| products = |
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| services = bank accounts, debit and credit cards, safety deposit boxes, financial intermediation, cash and non-cash money transfers, currency exchange, lending and investment services, |
| services = bank accounts, debit and credit cards, safety deposit boxes, financial intermediation, cash and non-cash money transfers, currency exchange, lending and investment services, |
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| assets = RUB 958 bln |
| assets = RUB 958 bln |
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| equity = 121,6 billion rubles. (2009, IFRS ) |
| equity = 121,6 billion rubles. (2009, IFRS ) |
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| num_employees = 10504 (30 September 2009) |
| num_employees = 10504 (30 September 2009) |
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| parent = [[VTB]] |
| parent = [[VTB]] |
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The '''Bank of Moscow''' (Банк Москвы) is the fifth largest [[Banking in Russia|bank in Russia]],<ref>{{cite web|url=http://www.bm.ru/en/about/|title=About the Bank :: Bank of Moscow|publisher=Bank of Moscow|accessdate=8 July 2011| archiveurl= http://web.archive.org/web/20110723021945/http://www.bm.ru/en/about/| archivedate= 23 July 2011 <!--DASHBot-->| deadurl= no}}</ref> providing banking services to both corporations and individuals. The bank currently provides services to over 100,000 corporate customers and over 7 million citizens. The bank has its offices in nearly each major economic center of the country and has 380 stand-alone outlets which include sub-offices and cash desks.<ref>{{cite web|title=Joint stock commercial bank − Bank of Moscow|url=http://www.vtb.com/group/contacts/geography/russia/moscow/193225/|work=Russian Banking and Investing|publisher=VTB Group|accessdate=16 January 2013}}</ref> The full name of the company is The Joint-Stock Commercial Bank "Bank of Moscow" (Open Joint Stock Company). The bank's headquarters are located in Moscow. In 2011, following a hostile takeover by [[VTB Bank]], US$9 billion in fraudulent loans were discovered, and the bank received an unprecedented US$14 billion bailout.<ref name="BBC1">{{cite web|url=http://www.bbc.co.uk/news/business-13999509|title=Russia rescues Bank of Moscow in record bail-out|date=1 July 2011|publisher=BBC News|accessdate=3 July 2011| archiveurl= http://web.archive.org/web/20110703112213/http://www.bbc.co.uk/news/business-13999509| archivedate= 3 July 2011 <!--DASHBot-->| deadurl= no}}</ref> Russia has issued an international arrest warrant for [[Andrey Borodin]] for his suspected role in the fraud.<ref name="BBC1"/> |
The '''Bank of Moscow''' (Банк Москвы) is the fifth largest [[Banking in Russia|bank in Russia]],<ref>{{cite web|url=http://www.bm.ru/en/about/|title=About the Bank :: Bank of Moscow|publisher=Bank of Moscow|accessdate=8 July 2011| archiveurl= http://web.archive.org/web/20110723021945/http://www.bm.ru/en/about/| archivedate= 23 July 2011 <!--DASHBot-->| deadurl= no}}</ref> providing banking services to both corporations and individuals. The bank currently provides services to over 100,000 corporate customers and over 7 million citizens. The bank has its offices in nearly each major economic center of the country and has 380 stand-alone outlets which include sub-offices and cash desks.<ref>{{cite web|title=Joint stock commercial bank − Bank of Moscow|url=http://www.vtb.com/group/contacts/geography/russia/moscow/193225/|work=Russian Banking and Investing|publisher=VTB Group|accessdate=16 January 2013}}</ref> The full name of the company is The Joint-Stock Commercial Bank "Bank of Moscow" (Open Joint Stock Company). The bank's headquarters are located in Moscow. In 2011, following a hostile takeover by [[VTB Bank]], US$9 billion in fraudulent loans were discovered, and the bank received an unprecedented US$14 billion bailout.<ref name="BBC1">{{cite web|url=http://www.bbc.co.uk/news/business-13999509|title=Russia rescues Bank of Moscow in record bail-out|date=1 July 2011|publisher=BBC News|accessdate=3 July 2011| archiveurl= http://web.archive.org/web/20110703112213/http://www.bbc.co.uk/news/business-13999509| archivedate= 3 July 2011 <!--DASHBot-->| deadurl= no}}</ref> Russia has issued an international arrest warrant for [[Andrey Borodin]] for his suspected role in the fraud.<ref name="BBC1"/> |
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==Owners and management== |
==Owners and management== |
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The main shareholders are [[:ru:Кузнецкий Мост (улица)|VTB]] (95.52%) and the Capital Insurance Group (1.51%). Total Capitalization at that time amounted to 151.85 billion rubles.<ref name="газ_09_2011"/> |
The main shareholders are [[:ru:Кузнецкий Мост (улица)|VTB]] (95.52%) and the Capital Insurance Group (1.51%). Total Capitalization at that time amounted to 151.85 billion rubles.<ref name="газ_09_2011"/> |
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Chairman of the board of directors of 24 February 2011 - [[:ru:Костин, Андрей Леонидович|A L. Kostin]]. President - Gennadiy Soldatenkov |
Chairman of the board of directors of 24 February 2011 - [[:ru:Костин, Андрей Леонидович|A L. Kostin]]. President - Gennadiy Soldatenkov<ref>{{Cite web |
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| url = http://www.bm.ru/en/about/governance/ |
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| title = Corporate Governance :: About Us :: Bank of Moscow |
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| website = www.bm.ru |
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| access-date = 2016-03-01 |
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}}</ref>. |
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==Presence== |
==Presence== |
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Revision as of 14:35, 1 March 2016
| File:Bank of Moscow Logo.png | |
 | |
Native name | Банк Москвы |
|---|---|
| MSKB@RU | |
| Industry | Banking |
| Founded | 1995 |
| Fate | Active |
| Headquarters | Moscow, Russia , Russia |
Number of locations | 42 branches in Moscow and Moscow region and 43 branches in major cities of Russia |
Area served | Russia |
Key people | Andrei Kostin (Chairman), Gennadiy Soldatenkov (chairman) |
| Services | bank accounts, debit and credit cards, safety deposit boxes, financial intermediation, cash and non-cash money transfers, currency exchange, lending and investment services, |
| AUM | RUB 669 bln |
| Total assets | RUB 958 bln |
| Total equity | 121,6 billion rubles. (2009, IFRS ) |
Number of employees | 10504 (30 September 2009) |
| Parent | VTB |
| Subsidiaries | BM Bank (Kiev, Republic of Ukraine), Bank Moscow-Minsk (Minsk, Republic of Belarus), AS Latvijas Biznesa Banka (Riga, Latvia), AS Eesti Krediidipank (Tallinn, Estonia) |
| Website | www |
The Bank of Moscow (Банк Москвы) is the fifth largest bank in Russia,[1] providing banking services to both corporations and individuals. The bank currently provides services to over 100,000 corporate customers and over 7 million citizens. The bank has its offices in nearly each major economic center of the country and has 380 stand-alone outlets which include sub-offices and cash desks.[2] The full name of the company is The Joint-Stock Commercial Bank "Bank of Moscow" (Open Joint Stock Company). The bank's headquarters are located in Moscow. In 2011, following a hostile takeover by VTB Bank, US$9 billion in fraudulent loans were discovered, and the bank received an unprecedented US$14 billion bailout.[3] Russia has issued an international arrest warrant for Andrey Borodin for his suspected role in the fraud.[3]
History
The Bank of Moscow was originally established in 1995 as a joint-stock commercial bank "Moscow Municipal Bank - Bank of Moscow." In April 2010, Moscow Mayor Yury Luzhkov signed a decree to support the bank's funds from the municipal budget of Moscow. Under this order, the bank should have been allocated 7.5 billion rubles (approximately 247 million US Dollars) for the purchase of additional shares of the bank.[4]
Privatization of the Bank
As of February 2011, the Moscow government's 46.48% ownership had been completely sold to VTB Bank. VTB also acquired 25% plus one share of Capital Insurance Group, which had a 17.32% stake in the Bank of Moscow. The total purchase price was 103 billion rubles. Besides VTB, the Russian Alfa Bank,[5] and Bank Austria, a subsidiary of UniCredit,[6] declared great interest in buying the Moscow government's stake. The sale was made to VTB (according to the representative of the Moscow mayor's office) because of a higher price offered and the availability of complete documentation, including a permit to purchase from the Russian Federal Antimonopoly Service.[7] In March 2011, VTB bought shares owned by Credit Suisse (2.77%) and shares owned by a Swiss fund (1.7%),[8] bringing its stake to a controlling interest of approximately 51%.
In early April 2011, Andrey Borodin and Lev Alaluyev sold their 20.32% stake in Bank of Moscow to Vitaly Yusufov, son of the former Russian Energy Minister Igor Yusufov.[9] Vitaly Yusofov had borrowed US$1.1 billion from the Bank of Moscow for this acquisition.[10]
Borodin himself, who by this time had been indicted in absentia for abuse of office, said that the transaction was carried out with a "torn off by hand",[11] and that the change of leadership at the bank led to the raids.[12] By the end of September 2011, VTB had acquired more than 80% of the shares of the Bank of Moscow,[13] buying from Vital Yusufov (20%), and Suleiman Kerimov (3.88%). Shares were also acquired as part of a package of the Metropolitan Insurance Group.[14]
The media suggested when Borodin left, more than half of the bank's loan portfolio consisted of loans issued to companies affiliated with Borodin. Borodin himself refused to comment on this information.[15] According to an investigation by the newspaper "Vedomosti", the total amount of loans granted by the bank to companies associated with Borodin was approximately 217 billion rubles, which exceeded the bank's equity. According to the newspaper, a significant part of these loans were used to repay loans which were dubious or not secured by liquid assets,[16] and later this information was confirmed by an inspection of the Accounts Chamber of the Russian Federation.[17]
Later, it was announced by VTB that the bank had 380 billion rubles in bad debt.[14] As a result, in late September 2011 the Deposit Insurance Agency provided a loan for 10 years, amounting to 295 billion rubles. At 0.51% per annum (DIA itself provided the money to the Bank of Russia) to cover the newly formed "holes" in the accounts of the bank.[18][19]
Owners and management
The main shareholders are VTB (95.52%) and the Capital Insurance Group (1.51%). Total Capitalization at that time amounted to 151.85 billion rubles.[14] Chairman of the board of directors of 24 February 2011 - A L. Kostin. President - Gennadiy Soldatenkov[20].
Presence
The Bank has a presence in almost all the economically important regions of the country and has 380 separate units, including sub-offices. As of 1 January 2012 the bank had 208 branches in Russia, with more than 100 thousand corporate and more than 9 million private customers. The central office is located in a former bank building of the Moscow Inter-Bank in Moscow, at the corner of the Kuznetsk bridge and Rozhdestvenka. There are 141 offices of the bank in Moscow with 474 post and bank offices in the capital region.[21] The network also includes the Bank of Moscow's four subsidiary banks outside Russia: BM Bank (Ukraine), Bank Moscow-Minsk (Belarus), the Estonian Credit Bank (Estonia), and the Bank of Moscow - (Belgrade) ( Serbia). The Bank is also represented in Frankfurt am Main (Germany).
The Bank of Moscow operates its own processing center, serving the bank card program. The bank has issued more than 13 million cards. The processing center is certified by Visa International and MasterCard and has a wide network of ATMs (1.9 thousand units).
Performance
On 1 March 2011, the assets of the Bank of Moscow amounted to 867.7 billion rubles. Capital, when calculated in accordance with the methodology of the Bank of Russia, is 140 billion rubles.
Rating
International credit rating agencies assign ratings to the bank:[22]
- The agency Moody's Investors Service: Long-term deposit rating - Ba2, outlook "stable"
- The agency Standard & Poors: Long-term deposit rating in local & foreign currencies - BBB, outlook "stable"
- Brand Finance Agency in February 2011 estimated the brand of the Bank of Moscow to 842 million U.S. dollars and include it in the top 200 leading financial brands in the world [23]
References
- ^ "About the Bank :: Bank of Moscow". Bank of Moscow. Archived from the original on 23 July 2011. Retrieved 8 July 2011.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ "Joint stock commercial bank − Bank of Moscow". Russian Banking and Investing. VTB Group. Retrieved 16 January 2013.
- ^ a b "Russia rescues Bank of Moscow in record bail-out". BBC News. 1 July 2011. Archived from the original on 3 July 2011. Retrieved 3 July 2011.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ a gazeta.ru article on the Bank
- ^ "Alfa Bank eyes Bank of Moscow stake - report". Reuters. 24 January 2011. Retrieved 2 May 2012.
- ^ "Bank Austria Bids for Bank of Moscow". FriedlNews. 14 January 2011. Retrieved 2 May 2012.
- ^ A Vendmosti.com article on the transaction
- ^ "VTB stake in Bank of Moscow still below controlling interest - official". RIA Novosti. 21 March 2011. Retrieved 7 May 2012.
- ^ Sergei Piatakow (4 March 2011). "Borodin sells Bank of Moscow stake at knock-down price - Vedomosti". RIA Novosti. Retrieved 8 May 2012.
- ^ Marina Sysoyeva (11 April 2011). "Bank of Moscow Stakes Sold to Vitaly Yusufov, Vedomosti Says". Bloomberg. Retrieved 8 May 2012.
- ^ Naila Asker-zade. "Borodin passed the Bank". :ru://Ведомости. Retrieved 11 April 2011.
- ^ "Saga of the Bank of Moscow: the end of the chapter". // rian.ru. Retrieved 13 April 2011.
- ^ "Russia's VTB buys 81 pct in BoM, ends long battle". Reuters. 29 September 2011. Retrieved 17 May 2012.
- ^ a b c Gleb Klimentyev. "State Bank of Moscow". // gazeta.ru. Retrieved 30 September 2011.
- ^ Naila Asker-zade. ""In business, you should not trust people," - Andrei Borodin, the former president of Bank of Moscow". // Ведомости, 20 April 2011, № 70 (2836). Retrieved 20 April 2011. A Russian language page
- ^ Svetlana Petrova, Nail Asker-zade. "Borodino panorama". // Ведомости, 15 June 2011, № 107 (2873). Retrieved 15 June 2011. This page is in Russian
- ^ Gleb Klimentyev. "Money for Faith". // gazeta.ru. Retrieved 7 July 2011.
- ^ "Another approach could not be". // Коммерсантъ, № 185 (4726), 4 October 2011. Retrieved 4 October 2011. (In Russian)
- ^ Tatiana Voronova. "Without prejudice to the VTB". // Ведомости, 4 July 2011, № 120 (2886). Retrieved 4 July 2011. This is a Russian Article
- ^ "Corporate Governance :: About Us :: Bank of Moscow". www.bm.ru. Retrieved 1 March 2016.
- ^ Банке Москвы the bank’s website A Russian page
- ^ "Ratings: Bank of Moscow". // bm.ru. Retrieved 16 January 2012.
- ^ BrandFinance® Banking 500 // brandirectory.com