Uralsib

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Uralsib
Joint-stock company
Traded as MCXUSBN
Industry Banking
Founded 1993
Headquarters Moscow, Russia
Rating B3 (Moody's) (2017)
Website Official website

Uralsib (Russian: Уралсиб) is a Russian financial corporation. It was created by merging Ural-Siberian Bank and Avtobank-NIKoil.[1] The latter was Nikolai Tsvetkov's company closely affiliated to LUKoil. In 2013 it employed 19,342 people.[2]

Uralsib is said to have been "roiled by mismanagement", with its founder Tsvetkov agreeing to step down in 2015 in return for a bailout, as the bank was on the verge of bankruptcy and having its banking license revoked.[3] During his time as chairman Tsvetkov became known for his application of New Age philosophy to company management, which included requiring all employees to read books by a self-help guru and holding spiritual seminars to determine promotions.[4]

A 82% stake in Uralsib was sold to Vladimir Kogan in November 2015 to avoid bankruptcy. As part of a rescue plan, Russia's Deposit Insurance Agency also agreed to a $224 million rescue package for the bank.[5] In 2016 Uralsib was ranked as the second least reliable bank in the country by the Russian version of Forbes.[6] In June 2017 Moody's raised the credit rating of Uralsib from Caa1 to B3, reflecting the bank's return to operational profitability.[7]

References[edit]

  1. ^ "Two Banks Plan Merger After a 'Rigged' Sale". The Moscow Times. Retrieved 28 August 2017. 
  2. ^ "UralSib Reportedly Planning 20% Staff Reduction". Retrieved 28 August 2017. 
  3. ^ "Russia’s Uralsib brought down to earth as bank puts UK unit up for sale". bne IntelliNews. Retrieved 6 April 2017. 
  4. ^ "New age beliefs fail to help Russian lossmaking Uralsib bank". Financial Times. Retrieved 28 August 2017. 
  5. ^ "UPDATE 3-Russian tycoon Kogan takes 82 pct of Uralsib Bank in c.bank rescue". Reuters. 2015. Retrieved 28 August 2017. 
  6. ^ "Кредит доверия: рейтинг надежности банков". Forbes Russia. Retrieved 6 April 2017. 
  7. ^ "Moody's upgrades Bank Uralsib's deposit ratings to B3 from Caa1; outlook positive". Moodys.com. 5 June 2017. Retrieved 28 August 2017. 

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