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The 'Russia Bank' (Bank Rossiya, in Russian: Акционерный коммерческий банк Россия, АКБ Россия) is a Russian joint stock bank founded on June 271990. Its headquarters are in St. Petersburg.

Contents

History

Management

Subsidiaries

References and notes

External links

History

In 1990 CPSU committee of the Leningrad Oblast became its largest shareholder (48.4%)^[1], but after the coup attempt in August 1991 the bank's activity was frozen as it was CPSU-related^[2].
In December 1991 its activity was resumed, as the shares had been redeemed by some member ventures of the Leningrad Association of Joint Ventures, shares of which were held by Vladimir Yakunin, Yuriy Kovalchuk, Mikhail Markov, Viktor Myachin, Andrei Fursenko, Sergey Fursenko, Yury Nikolayev.^[2]
As of January 12005, its major shareholders were Yuriy Kovalchuk with 37.6%, Nikolay Shamalov with 9.7%, Dmitry Gorelov with 9.7% and the Severstal group with 8.8%.^[1][2]
As of 2006, its major shareholders were Yuriy Kovalchuk (30.4%), Dmitry Gorelov (12.58%), Nikolay Shamalov (12.58%), JSC Transoil CIS (9.54%), JSC Severstal Group (7.15%), JSC Accept (3.93%), JSC Relax (3.65%), "Assistance to Business Initiatives" Non-Commercial Enterprise (3.08%), Russian Federal Property Fund (2.93%).^[6]
As of April 12005 its assets were worth 12.2 billion rubles (ranked 68 in Russia).
As of October 12006 its assets are worth 30.2 billion rubles (ranked 44 in Russia).
On December 282006, Fitch Ratings assigned the bank negative ratings (Long Term Issuer Default rating B-, Short Term Rating B, National Long Term rating BB- (RUS) [1]) as a subsidiary of the bank, ABRos Investment Company, had signed a non-transparent deal aiming to buy a considerable share of the Ren TV Media Holding (see below).^[7]

Management

The head of its Board of Directors were, in order, Vladimir Kolovay and Andrei Katkov. the current head of the Board of Directors is Yuriy Kovalchuk, who has held this position since 2004.
Director General and Head of the Management Committee:

★ 1993-1995: Vitaly Savelyev

★ 1995-1998: Viktor Myachin

★ 1998-1999: Mikhail Markov

★ 1999-2004: Viktor Myachin

★ September 2004 - April 2006: Mikhail Klishin

★ Since April 2006: Dmitry Lebedev
On September 242004, Viktor Myachin resigned from the Director General position and Mikhail Klishin, who had been the First Deputy Director General and held a 0.197% share, was appointed acting Director General.^[8]
On December 102004, Mikhail Klishin was appointed Director General, as the Central Bank of the Russian Federation had agreed to this decision.^[9]
On April 32006, the Board of Directors appointed Dmitry Lebedev Director General and Head of the Management Committee. Mikhail Klishin (holder of a 0.159% share) was appointed First Deputy Director General. The Management Committee appointed on that day: Dmitry Lebedev, Oleg Anufriev, Alexander Germanov, Konstantin Gorbachyov, Faniya Kabalina, Mikhail Klishin, Galina Lebedeva, Alexander Markin, Oleg Filatov.^[10]
On December 262006, the Board of Directors of the Bank elected its new Management Committee consisting of Dmitry Lebedev (Head, Director General), Alexander Germanov, Konstantin Gorbachyov, Faniya Kabalina, Mikhail Klishin, Alexander Markin and Boris Tikhonenko.^[11]

Subsidiaries

As of 2005, the bank is a shareholder of the following companies (see [2]):

★ JSC ABRos Investment Company (100%)

★ JSC Alfa Invest (100%)

★ JSC ABR Trust (100%)

★ JSC ABR Security Company (100%)

★ JSC ZEST (100%)

★ JSC Sankt-Peterburgskie Vedomosti Editorial House (20%, increased up to 35% in 2005)

★ JSC newspaper Sankt-Peterburgskie Vedomosti (20%, increased up to 35% in 2005 [3][4])

★ JSC Fund for Regional Development of St. Petersburg (15%)

★ JSC Center for Innovative Management (10%)

★ JSC Red Chemist (7,36%)
In January 2005 it turned out that ABRos, a subsidiary of the bank, and Accept, one of its shareholders, held a 49,97% share and a 13,5% share of the insurance group SOGAZ Ltd., respectively^[12] [6], after a 49.979% share of the SOGAZ group had been sold by the Russian gas giant Gazprom to an unnamed purchaser for 1.69 billion rubles on July 262004[7], and in August 2004 Gazprom had sold 26% more of SOGAZ for 879.3 million rubles. ^[13] [8]
On November 2005 ABRos Investment Company (Chairman of the Board of Directors since September 112006: Lyubov Sovershaeva)^[14] purchased a 37% share of the Petersburg TV and Radio Company^[15][16]. Also it owns a considerable share of the Media Holding Ren TV (as of December 2006, [9]). On December 182006 Lyubov Sovershaeva also became the Chairman of the Board of Directors of the Ren TV Media Holding (replacing Alexey Germanovich, a Severstal Group representative).

References and notes

1. Anna Shcherbakova. Interview with Mikhail Klishin, Director General of the Russia Bank. Vedomosti #35(1316), March 12005. (in Russian)
2. The Origin of Putin's Oligarchy by Vladimir Pribylovsky. Ms., October 112005. (in Russian)
3. The Origin of Putin's Oligarchy by Vladimir Pribylovsky. Ms., October 112005. (in Russian)
4. Anna Shcherbakova. Interview with Mikhail Klishin, Director General of the Russia Bank. Vedomosti #35(1316), March 12005. (in Russian)
5. The Origin of Putin's Oligarchy by Vladimir Pribylovsky. Ms., October 112005. (in Russian)
6. The Russia Bank, Stockmap.spb.ru
7. Fitch put ratings of the Russia bank in its Rating Watch list with a negative mark, Finnews.ru, January 92007 (in Russian).
8. Viktor Myachin resigned from the position of the Director General of the Russia Bank, Finnews.ru, September 282004 (in Russian).
9. Mikhail Klishin became the Director General of the Russia Bank, Finnews.ru, December 162004 (in Russian).
10. Dmitry Lebedev appointed Director general of the Russia Bank, Finnews.ru, April 52006 (in Russian).
11. The Board of Directors of the Russia Bank confirmed the appointment of its Management, Finnews.ru, January 112007 (in Russian).
12. SOGAZ sold to St. Pete by Pavel Miledin et al., Vedomosti #9 (1290), January 212005 (in Russian, subscription required, full text freely available here: [5]).
13. Who sold SOGAZ? by Pavel Miledin et al., Vedomosti #144 (1184), August 132004 (in Russian, subscription required)
14. The Russia bank found a top-manager in the state service, Kommersant (in Russian).
15. The Russia Bank buys a considerable share of the Petersburg TV and Radio Company, Finnews.ru, November 282005 (in Russian).
16. Yesterday, Kommersant, January 302006 (in Russian).

External links

★ Dynamic tycoon is close associate of Putin by Julian Evans, The Times, May 272006.

★ Rossia Bank to Reach Federal Level, Kommersant, March 272006.

★ Anna Shcherbakova. Interview with Mikhail Klishin, Director general of the Russia Bank. Vedomosti #35(1316), March 12005. (in Russian)

★ The Origin of Putin's Oligarchy by Vladimir Pribylovsky. Ms., October 112005. (in Russian)

★ Official site (in Russian)

★ The Russia Bank, Map of property in St. Petersburg (in Russian).

★ The country of opportunities. Interview with Yuriy Kovalchuk, Sankt-Peterburgskie Vedomosti, July 92005 (in Russian).

★ Main Indicators of Bank Activities as of April 1, 2005 Interfax (in Russian)

★ Main Indicators of Bank Activities as of July 1, 2005 Interfax (in Russian)

★ Main Indicators of Bank Activities as of October 1, 2005 Interfax (in Russian)

★ Main Indicators of Bank Activities as of January 1, 2006. Interfax (in Russian)

★ Main Indicators of Bank Activities as of April 1, 2006. Interfax (in Russian)

★ Main Indicators of Bank Activities as of July 1, 2006. Interfax (in Russian)

★ Main Indicators of Bank Activities as of October 1, 2006. Interfax (in Russian)