Bank of Moscow
 |
|
|
Native name
|
Банк Москвы |
|---|---|
| Traded as | MSKB@RU |
| Industry | Finance |
| Fate | Merged with VTB Bank |
| Successor | VTB Bank |
| Founded |
1995 (as Moscow Municipal Bank - Bank of Moscow) 2016 (as VTB Bank) ) |
| Defunct | May 10, 2016 |
| Headquarters | Moscow, Russia |
|
Number of locations
|
42 branches in Moscow and Moscow region and 43 branches in major cities of Russia |
|
Area served
|
Russia |
|
Key people
|
Andrei Kostin (Chairman) |
| Services | Banking |
| AUM | RUB 669 bln |
| Total assets | RUB 958 bln |
| Total equity | 121,6 billion rubles. (2009, IFRS ) |
|
Number of employees
|
10504 (30 September 2009) |
| Website | www |
1995 (as Moscow Municipal Bank - Bank of Moscow) 2016 (as VTB Bank)
The Bank of Moscow (Банк Москвы) was a Russian bank that provided banking services to both corporate and retail customers until May 2016. Headquartered in Moscow, the bank had 267 outlets, including branch offices and cash desks. BoM had over 114,000 corporate and 9 million retail customers. In 2011 it was the fifth largest bank in Russia. As of 1 July 2016, it had 6.3 million banking cards in its portfolio. Its central office was located in the building of the Moscow International Bank in Moscow, on the corner of Kuznetsky Most and Rozhdestvenka streets.
On May 10 2016 its merger into VTB Bank was finalized.
In 2011, following a hostile takeover by VTB Bank, US$9 billion in fraudulent loans were discovered, and the bank received an unprecedented US$14 billion bailout. Russia has issued an international arrest warrant for Andrey Borodin for his suspected role in the fraud.
By February 2011, the Moscow government's 46.48% ownership had been completely sold to VTB Bank. VTB also acquired 25% plus one share of Capital Insurance Group, which had a 17.32% stake in the Bank of Moscow. The total purchase price was 103 billion rubles. Besides VTB, the Russian Alfa Bank, and Bank Austria, a subsidiary of UniCredit, declared great interest in buying the Moscow government's stake. The sale was made to VTB (according to the representative of the Moscow mayor's office) because of a higher price offered and the availability of complete documentation, including a permit to purchase from the Russian Federal Antimonopoly Service. In March 2011, VTB bought shares owned by Credit Suisse (2.77%) and shares owned by a Swiss fund (1.7%), bringing its stake to a controlling interest of approximately 51%.
In early April 2011, Andrey Borodin and Lev Alaluyev sold their 20.32% stake in Bank of Moscow to Vitaly Yusufov, son of the former Russian Energy Minister Igor Yusufov. Vitaly Yusofov had borrowed US$1.1 billion from the Bank of Moscow for this acquisition.
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Wikipedia