Evrofinance Mosnarbank

OJSC Evrofinance Mosnarbank is one of the biggest Russian commercial banks. Full name of the Bank: Open Joint-Stock Company Evrofinance Mosnarbank. Head office locates in Moscow. General License No. 2402 of Bank of Russia.

OJSC Evrofinance Mosnarbank
Open Joint Stock Company
IndustryBanking
HeadquartersMoscow, Russia
Key people
Sergey N. Yarosh (President – Chairman of the Executive Board)
ProductsFinancial Services
Total assetsRUB 54,342 billion (2013 unaudited)
RatingB1 (Moody's), B+ (Fitch) (2017)[1]
Websitewww.evrofinance.ru

History

OJSC Evrofinance was founded in 1993 in Moscow through reorganization of the finance company Evrofinance which was among the first joint companies with foreign capital in Russia, registered in December, 1990. The founders were the Northern Europe Commercial Bank (Eurobank), Paris (French Russian foreign bank) and the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank).

CB Mosnarbank CJSC was founded in 1995 in Moscow as totally subsidiary of Moscow Narodny Bank, London. (English Russian foreign bank). Its history began in 1911 when Moscow Narodny Bank was established in the capital of Russia and later incorporated in British bank system.

Mergers and Acquisitions

In December, 2003 JSCB EVROFINANCE MOSNARBANK was created by merger of the CB Mosnarbank with the JSCB Evrofinance. The merger of Mosnarbank and Evrofinance was quite effortless because both banks had been founded as the subsidiaries of the biggest Russian foreign banks, thus, they had common missions. In 2011 the Venezuelan government bought a minority stake in the bank.[2]

1911
Moscow Narodny Bank (Moscow)
1915
Moscow Narodny Bank (London)
1919
Moscow Narodny Bank Limited
1995
Mosnarbank		1993
Evrofinance
2003
Evrofinance Mosnarbank		2005
VTB Capital (UK)

Ownership

The shareholders: 49.99%FONDEN, S.A., 25.005%VTB Group, 25.000%Gazprombank Group.[3]

Activity

The Bank’s historical mission consists in the management of the export-import operations between Russia and the foreign countries. Nowadays, the OJSC EVROFINANCE MOSNARBANK offers all basic services and operations for corporate clients and individuals, including the settlement and credit services for the Russian foreign trade enterprises.

OJSC EVROFINANCE MOSNARBANK’s service network includes branches and representatives in different cities, such as Moscow, St. Petersburg, Vladimir, Krasnoyarsk, Nizhny Novgorod, Rostov-on-Don, Stavropol, Yaroslavl, Pyatigorsk, Nevinnomyssk, Samara, Volgograd, Tolyatti, Tver, Voronezh, Chelyabinsk.

International Recognition

Standard & Poor’s – Evrofinance was recognized as The Most Profitable Bank among 100 CEE Banking Institutions in 2001.

The Banker – in 2005 Evrofinance was included in Top 1000 World Banks rating

EUROMONEY – in 2007 Evrofinance was recognized as Leader in Corporate Management among CEE Banks; in 2009 — The Best Russian Bank in Risk Management.

International Ratings

Fitch Ratings – Long term Rating В, Short Term rating В (as of 01.01.2010) Moody’s Investors Service – Long term Rating Ba3, Short Term rating В

National Ratings

Moody’s Interfax Rating Agency – Long Term “Аа3(Rus)”, Short Term “Rus-1”

Controversy

Sanctions

In March 2019, the United States Treasury Department sanctioned Evrofinance Monsarbank over its relationship with Venezuelan state oil company PDVSA.[4]

References
  1. "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Retrieved 1 May 2017.
  2. https://www.bloomberg.com/news/2011-11-07/chavez-s-russian-bank-beats-citigroup-in-venezuela-bond-sales.html
  3. "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-04. Retrieved 2014-09-28.CS1 maint: archived copy as title (link)
  4. "Treasury Sanctions Russia-based Bank Attempting to Circumvent U.S. Sanctions on Venezuela". U.S. Department of the Treasury. March 11, 2019. Retrieved December 2, 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.