MDM Bank (), is a former Russian

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

that operated from 1993 until it was merged in 2017 with B&N Bank. 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 Novosibirsk is the largest city and administrative centre of Novosibirsk Oblast and the Siberian Federal District in Russia. As of the 2021 Russian census, 2021 census, it had a population of 1,633,595, making it the most populous city in Siber ...

. 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.

History

The original MDM Bank was founded in Moscow in December 1993 and held a General Banking License issued by the

Central Bank of Russia The Central Bank of the Russian Federation (), commonly known as the Bank of Russia (), also called the Central Bank of Russia (CBR), is the central bank of the Russia, Russian Federation. The bank was established on 13 July 1990. It traces its ...

(#2361 dated 13 February 2003, which was voided as the bank migrates under URSA Bank license #323).

Igor Kim Igor Vladimirovich Kim (; born 12 January 1966) is an investor, banker, Honored economist of the Russian Federation, who has successfully completed more than 30 mergers and acquisitions transactions with both Russian and foreign financial institu ...

, chairman and shareholder of URSA, became the new bank's

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

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. ''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

Siberia Siberia ( ; , ) is an extensive geographical region comprising all of North Asia, from the Ural Mountains in the west to the Pacific Ocean in the east. It has formed a part of the sovereign territory of Russia and its predecessor states ...

n banks, in 2006 Sibakadembank merged with

Yekaterinburg Yekaterinburg (, ; ), alternatively Romanization of Russian, romanized as Ekaterinburg and formerly known as Sverdlovsk ( ; 1924–1991), is a city and the administrative centre of Sverdlovsk Oblast and the Ural Federal District, Russia. The ci ...

-based Uralvneshtorgbank (established 1991) and assumed the new name, URSA Bank. 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. In 2017 the newly merged entity required a bailout by the Russian Central Bank.

References

External links

MDM Bank (in English)URSA Bank (in English)Financial information
{{Authority control Banks of Russia Companies based in Novosibirsk