Russian Credit ( OJSC “Bank Russian Credit” ) is a Russian commercial bank that ceased operations on July 24, 2015 due to revocation of a license by the Central Bank of the Russian Federation [1] [2] .
It was established as a mutual bank in 1991 with the participation of ex-Prime Minister of Georgia billionaire Bidzina Ivanishvili and his partner, a former member of the Federation Council of the Russian Federation Vitaly Malkin [1] . In 1997, it was transformed into a public company. Due to the 1998 crisis, Russian Credit lost liquidity and in 1999 passed under the control of the Agency for the Restructuring of Credit Organizations (ARCO, the predecessor of the Deposit Insurance Agency ). In 2003, he completed the restructuring and went out of control of ARKO Group of Companies. In 2011, he entered the deposit insurance system. In 2012, Bidzina Ivanishvili sold a 99.61% stake in a credit institution to a group of investors led by Anatoly Motylev .
An audit of the Central Bank conducted on the eve of the license revocation revealed that the borrowed funds were placed in the interests of owners and related companies, and more than half of the loan portfolio is doubtful for recovery [2] . The state’s expenses in connection with the revocation of the license from the “Russian loan” are estimated at 57 billion rubles [2] .
Notes
- ↑ 1 2 Book of memory: “OJSC“ Bank Russian Credit ”” | Banks.ru . www.banki.ru. Date of treatment March 23, 2016.
- ↑ 1 2 3 Improving procedures: rating of banks for the salvation of which the state spent the maximum amount . www.forbes.ru. Date of treatment March 23, 2016.