MDM Bank


MDM Bank, is a former Russian joint stock commercial bank, one of Russia's largest private banks originally based in Moscow, then merged renamed and moved to Novosibirsk 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 holds a General Banking License issued by the Central Bank of Russia. It had one of the highest credit ratings among privately owned Russian banks – Standard & Poor's, Fitch Ratings and Moody's – and is the only Russian financial organization that has been given a public corporate governance rating by Standard & Poor's.
Igor Kim, chairman and shareholder of URSA, has been the new bank's chief executive officer during the transition period; Oleg Vyugin chairs the board of the bank's holding company and the former MDM CEO Igor Kuzin is chief executive of the holding company.
On February 15, 2012, MDM rehired Kuzin as CEO.
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 Siberian banks, in 2006 Sibakadembank merged with Yekaterinburg-based Uralvneshtorgbank 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.
In 2018 Irish economist Cillian Doyle revealed that prior to MDM's merger and subsequent collapse, the bank had used a series of offshore vehicles located in the Irish Financial Services Center and Malta, as part of a scheme to create fictitious assets on its balance sheet in addition to hiding losses.