MDM Bank (russian: МДМ Банк; 2009-2017), is a former Russian

joint stock A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

. Original MDM-Bank was one of Russia's largest private banks originally based in Moscow (1993-2009), then merged renamed and moved to

Novosibirsk Novosibirsk (, also ; rus, Новосиби́рск, p=nəvəsʲɪˈbʲirsk, a=ru-Новосибирск.ogg) is the largest city and administrative centre of Novosibirsk Oblast and Siberian Federal District in Russia. As of the Russian Census ...

(2009-2016) MDM and URSA estimated that the new MDM Bank would have capital of US$2.5 billion and total assets of US$18.7 billion, although in practice the numbers ended up being somewhat lower.

History

The original MDM Bank was founded in Moscow in December 1993 and holds a General Banking License issued by the

Central Bank of Russia The Central Bank of the Russian Federation (CBR; ), doing business as the Bank of Russia (russian: Банк России}), is the central bank of the Russian Federation. The bank was established on July 13, 1990. The predecessor of the bank can ...

(#2361 dated 13 February 2003, which will be voided as the bank migrates under URSA Bank license #323). Igor Kim, chairman and shareholder of URSA, has been the new bank's

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

during the transition period;

Oleg Vyugin Oleg Vyacheslavovich Vyugin (''Russian:'' Вьюгин Олег Вячеславович, born July 29, 1952) is a Russian economist and Professor at the National Research University Higher School of Economics. He was formerly the head of the Russi ...

chairs the board of the bank's holding company and the former MDM CEO Igor Kuzin is chief executive of the holding company.

URSA Bank Ursa is a Latin word meaning bear. Derivatives of this word are ursine or Ursini. Ursa may also refer to: General * URSA Extracts (United States of America), a California cannabis concentrate company * Ursa (Finland), a Finnish astronomical a ...

was founded in 1990 as ''Sibakadembank'' by the Siberian Division of the Russian Academy of Sciences. It was restructured from a privately held bank to a joint-stock bank in 1997. After a series of mergers with local

Siberia Siberia ( ; rus, Сибирь, r=Sibir', p=sʲɪˈbʲirʲ, a=Ru-Сибирь.ogg) is an extensive geographical region, constituting all of North Asia, from the Ural Mountains in the west to the Pacific Ocean in the east. It has been a part of ...

n banks, in 2006 Sibakadembank merged with

Yekaterinburg Yekaterinburg ( ; rus, Екатеринбург, p=jɪkətʲɪrʲɪnˈburk), alternatively romanized as Ekaterinburg and formerly known as Sverdlovsk ( rus, Свердло́вск, , svʲɪrˈdlofsk, 1924–1991), is a city and the administra ...

-based Uralvneshtorgbank (established 1991) and assumed the new name, URSA Bank. In 2016 MDM merged with another Russian lender,

B&N Bank B&N Bank (russian: ПАО «БИНБАНК») was one of the largest commercial banks in Russia. It was founded in 1993. In 2017, B&N Bank was nationalized by the Central Bank of Russia, and in 2018 it was decided to merge it with another private ...

. This new entity now ranked in the top 10 of all Russian banks, and the top five for private lenders. In 2017 the newly merged entity required a bailout by the Russian Central Bank.

References

External links

MDM Bank (in English)URSA Bank (in English)Financial information
{{Authority control Banks of Russia Companies based in Novosibirsk