Vostochny Bank

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Vostochny Bank

Vostochny Bank (Russian: банк Восточный; sometimes translated as Orient Express Bank) is a Russian financial company based in Blagoveshchensk, Amur Oblast. It was established in 1991.^[1]

Vostochny Bank focuses on the Siberian and Far Eastern markets,^[2] and ranks among the 30 largest Russian banks by assets.^[3] The private equity firm Baring Vostok owns a stake in Vostochny.^[4]

In 2010 it purchased Consumer Bank, a Russian subsidiary of Banco Santander, and Morgan Stanley's City Mortgage Bank.^{[citation needed]} In 2015 the bank reduced its workforce by half, laying off 4,000 employees.^[5] In 2016 it merged with .^[2]

After the merger, the owner of Uniastrum Bank Artem Avetisyan through Finvision Holdings received a 32% stake in Vostochny. Baring Vostok Capital Partners investment fund at that time controlled 51.2% of the shares through Evision Holdings Ltd.

In 2018, a conflict arose between the shareholders. Baring Vostok accused Avetisyan of suspicious transactions before the sale of Uniasturm Bank and refused to fulfill a call option on another 9.9% of the shares. Avetisyan and another minority shareholder, Sherzod Yusupov, accused Baring's management of embezzling Vostochny's assets and achieved the initiation of a criminal case. Baring Vostok founder Michael Calvey and several other managers were arrested.^[6]

In addition, Finvision Holdings awarded the right to acquire 9.9% of the shares. As a result, Evison Holdings remained the owner of 41.63% of the shares, and Finvision Holdings received 42.01%.^[7]

In October 2020, the shareholders entered into an amicable agreement, according to which Baring returned 2.5 billion rubles to the capital of Vostochny. The civil suits were dropped (but the criminal case against Calvey is ongoing).^[8]

In March 2021, Sovcombank (a large private Russian bank) announced the purchase of Vostochny Bank with a view to joining.^[9] The deal was closed in April. Sovcombank acquired 88% of the bank's shares for 8.7 billion rubles. By the end of 2021, it is planned to consolidate 100% of the bank's shares.^[10]

References[]

External links[]

• Official website

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