Rossiysky Kredit (OJSC Bank Rossiysky Kredit) (russian: Российский кредит) was a Russian commercial bank that ceased operations on 24 July 2015, when 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 ...

withdrew the bank's license. Rossiysky Kredit was established as a mutual bank in 1991 by ex-Prime Minister of Georgia, billionaire

Bidzina Ivanishvili Bidzina Ivanishvili ( ka, ბიძინა ივანიშვილი, also known as Boris Grigoryevich Ivanishvili ; born 18 February 1956) is a Georgia (country), Georgian politician, billionaire businessman and philanthropist, who serv ...

and his partner, former Russian Federation Council member

Vitaly Malkin Vitaly Borisovich Malkin (russian: Виталий Борисович Малкин; born in 16 September 1952) is a Russian-Israeli business oligarch and politician who was born in Pervouralsk near Yekaterinburg, the administrative center of S ...

. By 1996, it was the seventh largest bank in Russia, as measured by assets. In 1997 it was converted into a joint stock company. Because of the

1998 Russian financial crisis The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had s ...

, Rossiysky Kredit became insolvent and lost much of its deposits. In 1999 the bank came under the control of the Agency for Restructuring Credit Organizations (ARKO, the predecessor of the

Deposit Insurance Agency of Russia Deposit Insurance Agency (DIA) (russian: Агентство по страхованию вкладов (АСВ)) is a Russian state corporation (non-profit organization) established in January 2004 to manage operation of the deposit insurance sys ...

). In 2003 Rossiysky Kredit emerged from restructuring and passed out of ARKO control. In 2011, Rossiysky Kredit became part of the Russian bank deposit insurance system. In 2012, Bidzina Ivanishvili sold 99.61% of shares in the bank to a group of investors headed by Anatoly Motylev. Examinations carried out on the eve of the Central Bank's license revocation found that the bank's funds were applied in the interests of owners and related companies, and that more than half of the loan portfolio consisted of doubtful debts. The State's costs arising from the bank failure was estimated at 57 Billion Rubles, making it the fifth most costly Russian bank default. In 2020, Anatoly Motylev was declared bankrupt in London, in 2022 - in Switzerland. Thus, Russian creditors received hope to get to his assets. In total, Motylev owes about 40 billion rubles, 35 of them to Rossiysky Kredit.

References

{{authority control Defunct banks of Russia Banks established in 1991 1991 establishments in Russia Companies based in Moscow