East European Finance Corporation

In 2000, entrepreneur Alexander Gitelson headed the board of directors of the St. Petersburg bank Petro-Aero-Bank. The bank, founded in 1995 with the participation of Gitelson, was small by April 1, 2000 and ranked 402 in Russia (18 in St. Petersburg) with 240.2 million rubles. assets ^[2] . In 2001, the bank had eight branches in St. Petersburg and one non-resident branch in Moscow ^[3] .

In 2001, the owners of the Russian Commercial and Industrial Bank CJSC changed; representatives of Petro-Aero-Bank came to the bank’s management ^[4] . In June 2003, Gitelson became chairman of the board of directors of Inkasbank, and in 2003 he acquired Vyborg Bank.

At the end of 2003, Alexander Gitelson merged the commercial banks controlled by him - OJSC Commercial Bank Petro-Aero-Bank, OJSC Inkasbank, CJSC Russian Commercial and Industrial Bank, OJSC into a single corporation of East European Financial Corporation OJSC. Vyborg Bank. ” Since March 31, 2004, the Ural Trust Bank OJSC has joined the corporation ^[5]

BANK VEFK OJSC (since 2009 - Bank Petrovsky OJSC)

It was founded in 1990 as a commercial bank "Petrovsky". In 2000 it was renamed to OJSC Petrovsky Narodny Bank, in 2002 - to MDM Bank St. Petersburg. In 2006, a controlling stake in the bank was purchased by the East European Financial Corporation, and the bank was named “VEFK Bank”.

Headquarters - in St. Petersburg .

General license for banking operations of the Bank of Russia dated July 27, 2006 No. 729.

The size of assets as of December 1, 2007 is 47,959 million rubles. (48th place in Russia ).

Amount of equity as of December 1, 2007 - 6,611 million rubles. (46th place in Russia ).

The chairman of the bank’s board of directors is Alexander Gitelson, and the chairman of the board is Vitaly Ryabov.

The Bank had 183 branches in St. Petersburg , as well as branches in Kingisepp , Arkhangelsk , Veliky Novgorod , Voronezh , Yekaterinburg , Moscow , Reutov , Murmansk , Kaliningrad , Kostroma , Nalchik , Nizhny Novgorod , Petrozavodsk , Pskov , Rostov-on-Don , Volgograd , Astrakhan and Samara .

As of July 1, 2008, the bank's net assets amounted to 76,233.9 million rubles. (38th place in Russia), equity - 6 984.9 million rubles. (49th place) ^[6] .

In 2008, the bank was faced with financial difficulties. Bank management functions were temporarily transferred to the Deposit Insurance Agency .

In 2009, the Bank of Russia approved changes to the Agency’s participation plan in preventing bankruptcy of Bank VEFK OJSC in order to ensure bank capitalization, providing for the placement of an additional issue of bank shares in the amount of 10 billion rubles, 50% of which will be acquired by the Agency, and the remaining 50% in equal shares of Otkrytie FC LLC and NOMOS-BANK OJSC.

In addition, under the plan, the Agency will provide the bank with a subordinated loan in the amount of 10 billion rubles at the expense of the property contribution of the Russian Federation.

The authorized capital of the bank will be increased after registration of changes to the constituent documents of the bank related to the reduction of the authorized capital to one ruble.

These measures will allow to restore the bank’s capital and ensure its full functioning.

Further measures for the financial recovery of the bank will be implemented by the Agency and investors within the framework of the action plan approved by the Bank of Russia.

In 2009, the original name was returned in connection with the change of shareholders and the withdrawal of the bank from EEFK.

Incasbank OJSC

It was founded in 1994 as the Joint-Stock Commercial Bank "Animabank". In 1998, it merged with OJSC “Incasbank” and received its modern name.

Headquarters - in St. Petersburg .

General license for banking operations of the Bank of Russia dated October 1, 1998 No. 2685. The license was revoked on February 19, 2009 .

The size of assets as of December 1, 2007 is 11 106 million rubles.

Chairman of the board of directors of the bank is Alexander Gitelson, chairman of the board is Tatyana Lebedeva.

The bank had branches in Vyborg and Kamenka (Leningrad Oblast).

The license for banking operations was revoked due to the failure of OJSC “INKASBANK” to comply with federal laws governing banking activities and Bank of Russia regulations, establishing facts of significant inaccuracy of reporting data, capital adequacy below 2 percent, reduction in equity (capital) below the minimum value established by the Bank of Russia on the date of state registration of a credit institution, inability to satisfy creditors' claims for a monetary obligation to the property, and also taking into account the repeated application of the measures provided for by the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia) within one year."

The Bank pursued a risky credit policy, which led to a complete loss of capital and liquidity. As a result, OJSC “INKASBANK” was unable to timely fulfill its obligations to customers. At the same time, the credit institution submitted substantially inaccurate reports to the Bank of Russia. (According to the Department of External and Public Relations of the Bank of Russia)

OJSC CB Petro-Aero-Bank

It was founded in 1995 .

Headquarters - in St. Petersburg .

License for banking operations with funds in rubles and foreign currency of legal entities and individuals No. 3227 dated October 23, 1997 , revoked on April 23, 2009.

The size of assets as of December 1, 2007 is 10692 million rubles.

The chairman of the bank’s board of directors is Alexander Gitelson, and the president is Vladimir Seryukin.

The bank has 4 branches in St. Petersburg, as well as branches in Moscow and Reutov .

The license was revoked due to the failure of banks to comply with federal laws governing banking activities and Bank of Russia regulations. Petro-Aero-Bank “inadequately assessed credit risks and did not create adequate reserves for possible losses on loans and other assets,” the report said. “In addition, the bank did not comply with the mandatory standards, and systematically submitted significantly inaccurate reports to the Bank of Russia” According to the Department of External and Public Relations of the CBR

Russian Commercial and Industrial Bank OJSC (Ruskobank OJSC)

Registered in 1989 .

Headquarters - in Vsevolozhsk ( Leningrad Oblast ).

General license for banking operations of the Bank of Russia dated September 18, 2007 No. 138. Revoked June 21, 2016

Director - Nechaeva Lyudmila Vladimirovna.

The Bank had 40 offices in St. Petersburg and the Leningrad Region : in Boksitogorsk , Volosovo , Volkhov , Vsevolozhsk , Gatchina , Kirishi , Kirovsk , Kommunar , Luga , Otradnoy , Siversky , Kamenka , Sovetsky , Vyborg , Shlisselburg , Syasstroy , Priladogozhsky , Gorodskogo , Priladogozhsky , Priladogozhsky , Gorodskogo , Priladogozhsky , Priladogozhsky , Priladogozhsky , Priladogozhsky, , Yefimovsky , Slates , Sosnovy Bor , Tikhvin and Tosno .

By orders of the Bank of Russia, the credit organization Joint-Stock Company Russian Commercial and Industrial Bank of JSC Ruskobank revoked the license for banking operations from June 21, 2016. ^[7]

Vyborg-Bank OJSC

It was founded in 1990 .

Headquarters - in Vyborg ( Leningrad Oblast ).

General license for banking operations of the Bank of Russia dated November 4, 2002 No. 720.

The chairman of the bank is Alla Tuchina.

The bank had branches in Vyborg , Roshchino , Primorsk , Svetogorsk , Torfyanovka , Zelenogorsk , Brusnichny and St. Petersburg.

Order of the Bank of Russia dated September 7, 2016 No. OD-2965 on revoked the license for banking operations from September 7, 2016.

Ural Trust Bank OJSC

It was founded in 1993 .

Headquarters - in Izhevsk .

The extended license of the Bank of Russia No. 2523 dated April 15, 1997 .

The size of assets as of December 1, 2007 is 12449 million rubles.

The size of assets as of January 1, 2011 , according to the official statements of the bank amounted to 1220 million rubles.

URAL TRUST BANK OJSC is a settlement bank and Processing center of the IZHKARD payment system, which as of January 1, 2011 included two more participating banks: Izhkombank OJSC and Udmurtinveststroybank OJSC.

By order of the Bank of Russia dated May 31, 2012 No. OD-391 , the banking license was revoked from May 31, 2012.

Bank VEFK-Ural CJSC

It was founded in 1992 as the Ural-Siberian Bank for Social Development (Uralsibsotsbank). In 1998, it was transformed into CJSC Ural-Siberian Bank for Social Development. In 2002 it was renamed to MDM – Bank – Ural.

At the end of 2006, the East European Finance Corporation officially announced the purchase of a 100% stake in MDM Bank Ural CJSC ^[8] . In 2007 it was renamed to CJSC Bank VEFK-Ural.

Headquarters - in Yekaterinburg .

License for banking operations with funds of individuals in rubles and foreign currency No. 2223 dated May 24, 2007 .

The banking license was revoked due to the inability of Bank VEFK-Ural CJSC to satisfy the creditors' claims for monetary obligations. Due to the loss of liquidity, Bank VEFK-Ural CJSC did not provide timely settlements on customer accounts. The bank's managers and shareholders were unable to restore its financial position and eliminate the grounds obliging the Bank of Russia to revoke a banking organization’s license to carry out banking operations. (According to the Department of External and Public Relations of the Bank of Russia)

The license was revoked on February 19, 2009 .

As of February 19, 2009, the bank’s obligations to creditors amounted to 1,190 million rubles, including 956 million rubles to FSUE Russian Post. The money was transferred to the Bank of Russia account in December 2008 - January 2009 by the Sverdlovsk branch of the Pension Fund of Russia with the aim of paying pensions to Sverdlovsk residents ^{[9] [10]} . In the case of the “missing billion” of pension money, the then head of the regional branch of the Pension Fund, Sergei Dubinkin , was sentenced, convicted of bribes and abuse of office for 10 years in prison ^[11] .

Bank VEFK-Sibir CJSC

It was founded in 1992 as CJSC Novosibirskvneshtorgbank. In September 2007, a controlling stake was sold, and in May 2008 the bank was renamed into Bank VEFK-Sibir CJSC.

Headquarters - in Novosibirsk .

General license for banking operations of the Bank of Russia dated February 10, 2003 No. 410.

Since April 2009, the bank has been reorganized by the Deposit Insurance Agency, the bank’s charter capital has been reduced to 1 ruble, and NOMOS-BANK will completely redeem the issue of shares.

Currently it is called "NOMOS Bank SIBERIA", has 8 branches in the city of Novosibirsk. https://web.archive.org/web/20130820080131/http://www.nomos-sibir.ru/

WEFK Bank Luka Bank

It was founded in 2007 .

Headquarters - in the city of Banja Luka ( Bosnia and Herzegovina ).

It was reported that VEFK's non-banking assets were controlled by seven major offshore companies ^[12] :

• Avuar Ltd owned a warehouse complex in Moscow; the total value of its assets was estimated at 560 million rubles ^[12] .
• BTI Communications Ltd, although it was no longer directly controlled by Gaitelson himself (its director in 2007 was Galina Antonova ^[13] , and Gitelson himself stated that everything he earned in Cyprus “is now here in St. Petersburg” ^[14] ), controlled industrial VEFK assets, these included: “Research Institute of Marine Engineering”, “Pskov ATS Plant”, Research Institute “Krom”, JSC “Proletarsky Plant” and “Morshanskhimmash”. The turnover of this sector in 2008 amounted to 3.5 billion rubles, revenue - 1.1 billion ^{[12] [15]} . It was reported that in Russia this company was represented by Aleksandrovskiye Zavody LLC and Energy Corporation LLC ^[16] .
• Logotech Ltd was involved in the management of the transport and logistics complex with a total turnover of 1.7 billion rubles ^[12] .
• North Sea Engineering Ltd was responsible for the development projects of the corporation, they were cottage villages in Udmurtia and the Leningrad Region ^[12] .
• Prada Ltd owned retail and office space, in particular, Promopttorg shopping malls and business centers of Commercial Real Estate. The turnover of this offshore amounted to 2.2 billion rubles ^[12] . It was also reported that WEFK credited construction sites in Indian New Delhi ^[17] .
• Westa Ltd controlled energy assets: it included an oil field in the Tyumen region, a gas field in the Astrakhan region, as well as an oil depot and a network of gas stations in the St. Petersburg region ^[12] , and a refinery was also planned ^[18] . The group’s turnover was estimated at 1.7 billion rubles ^[12] . In 2010, it turned out that in Russia on behalf of the offshore company, LLC Yuzhneftegaz, engaged in geological exploration in Kalmykia, was operating ^[19] .
• All these offshore companies were combined by the holding company VEFK Holding Ltd ^[12] . As of 2007, the total assets under the control of the holding amounted to 65 billion rubles ^[20] .

• Gitelson Alexander Vladimirovich

• East European Finance Corporation
• Bank Petrovsky OJSC