MDM Bank (Russian: МДМ Банк), is a former Russian commercial bank that operated from 1993 until it was merged in 2017 with B&N Bank.
 | |
| Company type | OJSC |
|---|---|
| Industry | Finance and insurance |
| Founded | 2009 |
| Defunct | 2017 |
| Fate | Merged |
| Successor | URSA Bank then B&N Bank |
| Headquarters | Novosibirsk, Russia |
| Products | Financial services |
Number of employees | 5,000 (2017) |
MDM-Bank was one of Russia's largest private banks originally based in Moscow. In 2009 it merged with URSA, was renamed and moved to the city of Novosibirsk.[1] 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.[citation needed]
History
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The original MDM Bank was founded in Moscow in December 1993 and held a General Banking License issued by the Central Bank of Russia (#2361 dated 13 February 2003, which was voided as the bank migrates under URSA Bank license #323).[2]
Igor Kim, chairman and shareholder of URSA, became the new bank's chief executive officer during the transition period; Oleg Vyugin chaired the board of the bank's holding company and the former MDM CEO Igor Kuzin became chief executive of the holding company.[1]
URSA Bank 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 Siberian banks, in 2006 Sibakadembank merged with Yekaterinburg-based Uralvneshtorgbank (established 1991) and assumed the new name, URSA Bank.[3]
In 2016 MDM merged with another Russian lender, B&N Bank. This new entity now ranked in the top 10 of all Russian banks, and the top five for private lenders.[4] In 2017 the newly merged entity required a bailout by the Russian Central Bank.
References
edit- ^ a b "Russia's MDM, Ursa Merge as Credit Crisis Deepens". Bloomberg. December 3, 2008. Archived from the original on October 25, 2012. Retrieved 2009-06-18.
- ^ "MDM Bank EGM Approves Merger with URSA Bank". MDM Bank. May 8, 2009. Archived from the original on January 2, 2010. Retrieved 2009-06-18.
- ^ "МДМ-банк и УРСА-банк объявили о завершении слияния". РБК (in Russian). Retrieved 2022-07-12.
- ^ "Бинбанк и МДМ банк завершили объединение". www.kommersant.ru (in Russian). 2016-11-18. Retrieved 2022-07-12.
