Uralsib

Uralsib (Russian: ПАО «Банк Уралсиб») is a Russian bank. It was created by merging Ural-Siberian Bank and Avtobank-NIKoil.[2] The latter was Nikolai Tsvetkov's company closely affiliated to LUKoil. In 2013 it employed 19,342 people.[3]

Uralsib
TypeJoint-stock company
MCX: USBN
IndustryBanking
Founded1993
Headquarters
Moscow
,
Russia
Revenue48,684,100,000 Russian ruble (2017) 
RUB 172.589 million (2020)[1]
Total assetsRUB 505.592 billion (2020)[1]
Total equityRUB 409.196 billion (2020)[1]
Number of employees
10750 (2021)
RatingB2 (Moody's) (2020) B/B (S&P) (2021)
Websiteuralsib.ru

Uralsib is said to have been "roiled by mismanagement", with its founder Tsvetkov agreeing to step down in 2015 in return for a bailout, as the bank was on the verge of bankruptcy and having its banking license revoked.[4] During his time as chairman Tsvetkov became known for his application of New Age philosophy to company management, which included requiring all employees to read books by a self-help guru and holding spiritual seminars to determine promotions.[5]

An 82% stake in Uralsib was sold to Vladimir Kogan in November 2015 to avoid bankruptcy.[6] As part of a rescue plan, Russia's Deposit Insurance Agency also agreed to a $224 million rescue package for the bank.[7] In 2016 Uralsib was ranked as the second least reliable bank in the country by the Russian version of Forbes.[8] In June 2017 Moody's raised the credit rating of Uralsib from Caa1 to B3, reflecting the bank's return to operational profitability.[9]

After the death of Vladimir Kogan in 2019, his shares were inherited by a widow, Lyudmila Kogan. The supervisory board of Uralsib is headed by the eldest son of Vladimir Kogan Yevgeny Kogan.[10]

At the end of 2019, the bank reported a net profit of 12.8 billion rubles (approx $170 million) and an increase in capital to 94.3 billion rubles (approx $1.27 billion).[11]

At the beginning of 2021, The Banker placed Uralsib on the third line of the Top 50 Russian banks (and on the first line in terms of profitability).[12] In April 2021, Uralsib Bank entered the Forbes rating of the best banks in the world; it took 13th place among Russian banks.[13]

Management

Board of the bank as of February 2021:[14]

  • Aleksei Sazonov (chairman)
  • Yevgeny Abuzov
  • Igor Seleznyov
  • Galina Sergeeva
  • Pyotr Petrov
  • Stanislav Tyves

References
  1. "Public Joint Stock Company "BANK URALSIB". Consolidated Financial Statements. Year ended 31 December 2020" (PDF). 2021-04-20.
  2. "Two Banks Plan Merger After a 'Rigged' Sale". The Moscow Times. Retrieved 28 August 2017.
  3. "UralSib Reportedly Planning 20% Staff Reduction". Retrieved 28 August 2017.
  4. "Russia's Uralsib brought down to earth as bank puts UK unit up for sale". bne IntelliNews. Retrieved 6 April 2017.
  5. "New age beliefs fail to help Russian lossmaking Uralsib bank". Financial Times. Retrieved 28 August 2017.
  6. "Putin Ally Secures $1.3 Billion in Unprecedented Bank Rescue". www.bloomberg.com. Retrieved 2020-07-22.
  7. "UPDATE 3-Russian tycoon Kogan takes 82 pct of Uralsib Bank in c.bank rescue". Reuters. 2015. Retrieved 28 August 2017.
  8. "Кредит доверия: рейтинг надежности банков". Forbes Russia. Retrieved 6 April 2017.
  9. "Moody's upgrades Bank Uralsib's deposit ratings to B3 from Caa1; outlook positive". Moodys.com. 5 June 2017. Retrieved 28 August 2017.
  10. "Инвестором в рамках санации банка "Уралсиб" стала Людмила Коган". RBK. 2020-04-16.
  11. "ПАО "БАНК УРАЛСИБ" сообщает о результатах деятельности за 2019 год в соответствии с МСФО". 2020-04-22.
  12. "Top 50 Russian Banks ranking: resilience tested by the pandemic". The Banker. 2021-02-01.
  13. "World's best banks". Forbes. 2021-04-13.
  14. "Правление" (in Russian). 2021-06-10.


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