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| rating = B (S&P) (2017)<ref name="forbesrating">{{cite news|title=Рейтинг банков - 2017 (таблица)|url=http://www.forbes.ru/sp_data/2017/rating-bank/all.html?1&from_alt_domain=1|accessdate=1 May 2017|work=Forbes.ru|date=23 March 2017}}</ref>
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'''B&N Bank''' ({{langx|ru|ПАО «БИНБАНК»}}) was one of the largest commercial banks in Russia. It was founded in 1993. In 2017, B&N Bank was nationalized by the Central Bank of Russia, and in 2018 it was decided to merge it with another private bank that became state-owned, [[Otkritie FC Bank|Otkritie Financial Corporation]].<ref>{{Cite news |last=Seddon |first=Max |date=2017-09-21 |title=Russia's central bank nationalises B&N Bank |work=Financial Times |url=https://www.ft.com/content/14d03e8f-bf96-3dc8-80a6-73a8e5a79156 |access-date=2022-04-01}}</ref><ref>{{Cite news |last=Seddon |first=Max |date=2017-10-02 |title=Russia's central bank says it may merge lenders B&N, Otkritie |work=Financial Times |url=https://www.ft.com/content/f943db55-5d3d-365b-b6a5-a67298433679 |access-date=2022-04-01}}</ref>
'''B&N Bank''' ({{lang-ru|ПАО "БИНБАНК"}}) is one of Russia’s largest commercial banks organized as a public joint-stock company under the laws of the Russian Federation.

The bank was nationalized in September 2017, after running into financial difficulties following its merger with MDM bank.<ref>{{cite news|title=Russia’s central bank nationalises B&N Bank|url=https://www.ft.com/content/14d03e8f-bf96-3dc8-80a6-73a8e5a79156|accessdate=4 October 2017|work=Financial Times}}</ref> The [[Central Bank of Russia]] plans to merge B&N with [[Otkritie FC Bank|Otkritie]], another failing bank.<ref>{{cite news|title=Russia’s central bank says it may merge lenders B&N, Otkritie|url=https://www.ft.com/content/f943db55-5d3d-365b-b6a5-a67298433679|accessdate=4 October 2017|work=Financial Times}}</ref>


==History==
==History==


Founded in 1993 by Russian businessman [[Mikhail Gutseriyev|Mikhail Gutseriev]], B&N Bank had the general license of the Bank of Russia No. 2562.<ref>{{Cite web |title=Публичное Акционерное Общество "БИНБАНК" {{!}} Банк России |url=https://www.cbr.ru/banking_sector/credit/coinfo/?id=450000499 |access-date=2022-04-01 |website=www.cbr.ru}}</ref> In 1995, when Mikhail Gutseriev was elected to the State Duma of the Russian Federation, he sold the shares of Binbank. [[Mikail Shishkhanov]] became the new owner of the bank. Shishkhanov himself headed the bank for a long time and until 2017 was its controlling shareholder.{{fact|date=April 2022}}
Founded in 1993, B&N Bank has the general license of the Bank of Russia No. 2562.<ref>[http://eng.new.binbank.ru/about/profile/ B&N Bank's profile, B&N Bank corporate site]</ref> In November 2008, the Bank entered the capital of Bashinvestbank, and in December 2013 Bashinvestbank was integrated with B&N Bank as its branch in Ufa.


B&N Bank was a medium-sized player in the Russian banking market until the mid-2000s, when the bank's strategy changed and it began to buy other credit institutions, significantly increasing the balance sheet through mergers and acquisitions. In November 2008, B&N Bank bought shares of Bashinvestbank, and in December 2013 Bashinvestbank was integrated with B&N Bank as its branch in Ufa.<ref>{{Cite web |title=BINBANK took over the regional "Bashinvestbank" (in Russian) |url=https://tass.ru/arhiv/691384 |access-date=2022-04-01 |website=TASS Information Agency |language=ru}}</ref>
In April 2014 B&N Bank became the owner of Moscomprivatbank, a former subsidiary of Ukrainian PrivatBank. The deal was concluded as the part of B&N Bank’s strategy for retail business expansion and approved by Banking Supervision Committee of the Bank of Russia. Due to high social importance of Moskomprivatbank, Deposit Insurance Agency (DIA) provided assistance to B&N Bank in a form of RUB 12bn loan. The loan proceeds will be used for maintenance of Moskomprivatbank’s liquidity and implementation of the project related to creation of independent IT-infrastructure of the credit institution.


In July 2014, B&N Bank successfully closed the acquisition of DNB Russia. “Asokerco Trading Limited” LLC (an entity affiliated with B&N Bank (JSC) owned by Mikail Shishkhanov) has become the owner of JSC Commercial Bank DNB Bank (“DNB Russia”) located in Murmansk.<ref>[http://www.banki.ru/news/engnews/?id=6958985 Shishkhanov’s company wraps up acquisition of DNB Bank, Banki.ru] </ref> Previously, DNB Russia was a fully owned subsidiary of [[DNB ASA|DNB Bank ASA]] (“DNB”), the leading Norwegian financial group.
In April 2014 B&N Bank became the owner of Moscomprivatbank, a former subsidiary of Ukrainian [[PrivatBank]]. The deal was the part of B&N Bank's strategy for retail business expansion. The acquisition has been approved by the Bank of Russia. In July 2014, B&N Bank successfully closed the acquisition of DNB Russia, a fully owned subsidiary of [[DNB ASA|DNB Bank ASA]] ("DNB"), the leading Norwegian financial group. The company owned by Mikail Shishkhanov has become the owner of JSC Commercial Bank DNB Bank ("DNB Russia") located in Murmansk.<ref>[http://www.banki.ru/news/engnews/?id=6958985 Shishkhanov’s company wraps up acquisition of DNB Bank, Banki.ru]</ref>


In December 2014 B&N Bank closed the acquisition of five banks of the Rost Group. The deal is a part of financial recovery of Rost Bank, Kedr Bank, Akkobank, SKA-Bank and Tveruniversalbank. The purpose of acquisition of the Rost Group banks is to expand the retail business, regional presence and client base of B&N Bank. The total amount of retail deposits attracted by five banks is RUB 70 billion; the total branch network consists of more than 240 offices and ATM network of more than 440 devices.<ref>[http://www.banki.ru/news/engnews/?id=7448399 B&N Bank gains control over Rost Group banks, Banki.ru] </ref>
In December 2014 B&N Bank closed the deal of the acquisition of five banks of the Rost Group. The purpose of acquisition of the Rost Group banks was to expand the retail business, regional presence and client base of B&N Bank.<ref>{{Cite web |title=B&N Bank gains control over Rost Group banks |url=https://www.banki.ru/news/engnews/?id=7448399 |access-date=2022-04-01 |website=Банки.ру |language=}}</ref> In January 2015, B&N Bank acquired Uralprivatbank.<ref>{{Cite web |title=Binbank intends to acquire Uralprivatbank |url=https://urbc.ru/1068037343-binbank-nameren-priobresti-uralprivatbank.html |website=URBC.ru |language=ru}}</ref> In June 2015 B&N Bank entered into an agreement to acquire a controlling shareholding (58.33%) in MDM Bank.<ref>{{Cite web |title=Russia's B&N Bank shareholders buy 58% in MDM Bank |url=http://www.1prime.biz/news/0/%7BE6E03ED3-2F9C-4B0E-B641-21992089253F%7D.uif |access-date=2022-04-01 |website=www.1prime.biz}}</ref> In 2016 B&N Bank completed its merger with MDM bank, placing it in the top ten of all Russian lenders.<ref>{{Cite web |title=B&N Bank, MDM Bank complete merger |url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/hQ91P339Zj7pf5RPMz5MtQ2 |access-date=2022-04-01 |website=www.spglobal.com |language=en-us}}</ref>


In September 2017, B&N Bank announced it had asked for a rescue package after running into financial difficulties that saw it require emergency liquidity. Russia’s central bank said later that month it will nationalise B&N Bank and will take a majority equity stake in B&N and Rost Bank.<ref>{{Cite news |last=Seddon |first=Max |date=2017-09-21 |title=Russia's central bank nationalises B&N Bank |work=Financial Times |url=https://www.ft.com/content/14d03e8f-bf96-3dc8-80a6-73a8e5a79156 |access-date=2022-04-01}}</ref>
In January 2015, B&N Bank acquired Uralprivatbank.<ref>{{Cite web |url=http://www.tver-portal.ru/english-version/7844-bn-bank-acquires-uralprivatbank.html |title=B&N Bank acquires Uralprivatbank, Tver-portal.ru |access-date=15 September 2015 |archive-url=https://web.archive.org/web/20150428050911/http://www.tver-portal.ru/english-version/7844-bn-bank-acquires-uralprivatbank.html |archive-date=28 April 2015 |url-status=dead }}</ref> The transaction was completed in February 2015. The purpose of the acquisition for B&N Bank is to expand its retail business and regional presence. Uralprivatbank is a sustainable regional bank which has been operating in the market for over 25 years. The bank has four offices in Ekaterinburg.


In 2018 B&N Bank has been merged with Otkritie Financial Corporation Bank.<ref>{{Cite web |date=2021-12-22 |title=Russia's Otkritie bank rescued and ready to IPO |url=https://intellinews.com/russia-s-otkritie-bank-rescued-and-ready-to-ipo-230219/ |access-date=2022-04-01 |website=intellinews.com |language=en}}</ref> On March 15, an interbank loan provided by Binbank to Rost Bank was repaid with the subsequent dissolution of provisions for this loan. After additional capitalization by the Bank of Russia and the dissolution of reserves for Rost Bank, the capital of Binbank exceeded 100 billion rubles, as a result of which the bank again began to comply with capital adequacy standards and other prudential standards of activity.<ref>{{Cite web |title=Капитал Бинбанка превысил 100 млрд рублей |url=https://www.vedomosti.ru/finance/news/2018/03/21/754442-kapital-binbanka-previsil-100-mlrd-rublei |access-date=2022-07-12 |website=Ведомости |language=ru}}</ref>
In June 2015 the shareholders of B&N Bank, Mikail Shishkhanov and Mikhail Gutseriev, entered into an agreement to acquire a controlling shareholding (58.33%) in MDM Bank from Sergei Popov. Within the framework of the transaction, 100% of the shares of MDM Bank have been valued by the parties at approximately the level of the bank's equity.<ref> [http://www.1prime.biz/news/0/%7BE6E03ED3-2F9C-4B0E-B641-21992089253F%7D.uif Russia’s B&N Bank shareholders buy 58% in MDM Bank, Prime Business News Agency] </ref>

In February 2015, Banki.ru portal recognized B&N Bank as the Bank of the Year.<ref>[http://www.banki.ru/news/daytheme/?id=7736234 Лучшие из лучших, Banki.ru] </ref> In July 2015, B&N Bank announced the acquisition of the Russian leading autoleasing company Europlan, and in July 2015<ref> [http://news.rambler.ru/30738486/ Владельцы «Бинбанка» покупают автолизинговую компанию «Европлан», Rambler.ru] </ref> the Bank announced the acquisition of the auto-leasing company Carcade. As a result, B&N Group became the leading retailer in vehicle leasing in Russia.

In 2016 B&N Bank completed its merger with MDM bank, placing it in the top ten of all Russian lenders. In late 2017 the bank sought a bailout from the Russian state.

In 2018 Irish economist Cillian Doyle revealed that prior to the merger between these two banks, MDM had used a series of offshore vehicles located in the Irish Financial Services Center (IFSC) and Malta, as part of a scheme to create fictitious assets on its balance sheet in addition to hiding losses.<ref> [https://www.counterpunch.org/2018/11/13/fictitious-assets-hidden-losses-and-the-collapse-of-mdm-bank/]</ref>

==Owners==
The majority shareholders are the Chairman of the Board of Directors of B&N Bank [[Mikail Shishkhanov]] (59,4064 %) and [[Mikhail Gutseriev]] (39,3589 %).<ref>{{Cite web |url=http://eng.new.binbank.ru/about/shareholders/ |title=List of Shareholders of B&N BANK, B&N Bank corporate site |access-date=15 September 2015 |archive-url=https://web.archive.org/web/20160304103528/http://eng.new.binbank.ru/about/shareholders/ |archive-date=4 March 2016 |url-status=dead }}</ref>


== References ==
== References ==
{{reflist}}
<references />
{{Portalbar|Russia|Banks|Companies}}

{{authority control}}
==External links==
*[http://www.bin-bank.com/ B&N Bank Russian corporate site]
*[http://www.banki.ru/ Banki.ru]
{{Portal|Banks}}

{{DEFAULTSORT:B And N Bank}}
{{DEFAULTSORT:B And N Bank}}
[[Category:Banks of Russia]]
[[Category:Banks of Russia]]

Latest revision as of 01:33, 11 November 2024

B&N Bank
Native name
Бинбанк
Company typePublic joint-stock company
IndustryBanking
Founded1993
Headquarters
Moscow
,
Russia
Key people
Mikail Shishkhanov, Chairman of the Board of Directors
ProductsRetail banking
ServicesFinancial services
Increase RUB 1.899 million (January 2015)
Total assetsIncrease RUB 413.254 million (January 2015)
Number of employees
4,000
RatingB (S&P) (2017)[1]
Websitebin-bank.com

B&N Bank (Russian: ПАО «БИНБАНК») was one of the largest commercial banks in Russia. It was founded in 1993. In 2017, B&N Bank was nationalized by the Central Bank of Russia, and in 2018 it was decided to merge it with another private bank that became state-owned, Otkritie Financial Corporation.[2][3]

History

[edit]

Founded in 1993 by Russian businessman Mikhail Gutseriev, B&N Bank had the general license of the Bank of Russia No. 2562.[4] In 1995, when Mikhail Gutseriev was elected to the State Duma of the Russian Federation, he sold the shares of Binbank. Mikail Shishkhanov became the new owner of the bank. Shishkhanov himself headed the bank for a long time and until 2017 was its controlling shareholder.[citation needed]

B&N Bank was a medium-sized player in the Russian banking market until the mid-2000s, when the bank's strategy changed and it began to buy other credit institutions, significantly increasing the balance sheet through mergers and acquisitions. In November 2008, B&N Bank bought shares of Bashinvestbank, and in December 2013 Bashinvestbank was integrated with B&N Bank as its branch in Ufa.[5]

In April 2014 B&N Bank became the owner of Moscomprivatbank, a former subsidiary of Ukrainian PrivatBank. The deal was the part of B&N Bank's strategy for retail business expansion. The acquisition has been approved by the Bank of Russia. In July 2014, B&N Bank successfully closed the acquisition of DNB Russia, a fully owned subsidiary of DNB Bank ASA ("DNB"), the leading Norwegian financial group. The company owned by Mikail Shishkhanov has become the owner of JSC Commercial Bank DNB Bank ("DNB Russia") located in Murmansk.[6]

In December 2014 B&N Bank closed the deal of the acquisition of five banks of the Rost Group. The purpose of acquisition of the Rost Group banks was to expand the retail business, regional presence and client base of B&N Bank.[7] In January 2015, B&N Bank acquired Uralprivatbank.[8] In June 2015 B&N Bank entered into an agreement to acquire a controlling shareholding (58.33%) in MDM Bank.[9] In 2016 B&N Bank completed its merger with MDM bank, placing it in the top ten of all Russian lenders.[10]

In September 2017, B&N Bank announced it had asked for a rescue package after running into financial difficulties that saw it require emergency liquidity. Russia’s central bank said later that month it will nationalise B&N Bank and will take a majority equity stake in B&N and Rost Bank.[11]

In 2018 B&N Bank has been merged with Otkritie Financial Corporation Bank.[12] On March 15, an interbank loan provided by Binbank to Rost Bank was repaid with the subsequent dissolution of provisions for this loan. After additional capitalization by the Bank of Russia and the dissolution of reserves for Rost Bank, the capital of Binbank exceeded 100 billion rubles, as a result of which the bank again began to comply with capital adequacy standards and other prudential standards of activity.[13]

References

[edit]
  1. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Retrieved 1 May 2017.
  2. ^ Seddon, Max (21 September 2017). "Russia's central bank nationalises B&N Bank". Financial Times. Retrieved 1 April 2022.
  3. ^ Seddon, Max (2 October 2017). "Russia's central bank says it may merge lenders B&N, Otkritie". Financial Times. Retrieved 1 April 2022.
  4. ^ "Публичное Акционерное Общество "БИНБАНК" | Банк России". www.cbr.ru. Retrieved 1 April 2022.
  5. ^ "BINBANK took over the regional "Bashinvestbank" (in Russian)". TASS Information Agency (in Russian). Retrieved 1 April 2022.
  6. ^ Shishkhanov’s company wraps up acquisition of DNB Bank, Banki.ru
  7. ^ "B&N Bank gains control over Rost Group banks". Банки.ру. Retrieved 1 April 2022.
  8. ^ "Binbank intends to acquire Uralprivatbank". URBC.ru (in Russian).
  9. ^ "Russia's B&N Bank shareholders buy 58% in MDM Bank". www.1prime.biz. Retrieved 1 April 2022.
  10. ^ "B&N Bank, MDM Bank complete merger". www.spglobal.com. Retrieved 1 April 2022.
  11. ^ Seddon, Max (21 September 2017). "Russia's central bank nationalises B&N Bank". Financial Times. Retrieved 1 April 2022.
  12. ^ "Russia's Otkritie bank rescued and ready to IPO". intellinews.com. 22 December 2021. Retrieved 1 April 2022.
  13. ^ "Капитал Бинбанка превысил 100 млрд рублей". Ведомости (in Russian). Retrieved 12 July 2022.
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