Post Bank (Russia)

The Post Bank (Pochta Bank pronunciation, in Russian: Публичное акционерное общество «Почта Банк») is a Russian PAO consumer bank founded on January 28, 2016, and obtained a license from the Central Bank of Russia for banking operations No. 650 on March 25, 2016. It was previously the Leto Bank ("Summer Bank" in Russian: Лето Банк) under VTB24 (Russian: ВТБ24 (ПАО)). Prior to that, it was the "Bezhitsa-Bank" (Russian: Бежица-Банк) in Bryansk. The company's headquarters are in Moscow.

Pochta Bank
TypePublic company (Joint-stock company)
IndustryFinancial services
FoundedMarch 25, 2016 (March 25, 2016)[1]
HeadquartersMoscow, Russia
Key people
Dmitry Rudenko, President & Chairman of the Board
ProductsRetail banking
OwnerVTB Bank 50% minus one share
Russian Post 50% minus one share
Dmitry Rudenko 2 shares
WebsitePochtaBank.ru

History

In 2012, lawyer Dmitry Tretyakov from Tolyatti proposed the Federal Property Management Agency to create the "VTB Post Bank of Russia Post Bank". According to Dmitry Tretyakov, his project involved the modernization of post offices at the expense of VTB Bank. Earlier, according to the lawyer, the Finnish company Itella and the French La Poste were interested in such cooperation.[2][3][4][5]

On July 31, 2013, Kirill Dmitriev, who is the head of the Russian Direct Investment Fund (RDIF), sent a letter to both his close friend Kirill Shamalov, who was the son in law of Vladimir Putin at the time, and Ksenia Yudaeva (Russian: Ксения Юдаева), who headed the expert directorate of the President of Russia at the time. In the letter, Dmitriev had minutes of a meeting about establishing a postal bank.[6]

July 24, 2015: Approved by Dmitry Anatolyevich Medvedev, an agreement was signed between the bank president, Director of Russian Post, Dmitry Evgenevich Strashnov, and Minister of Communications and Mass Media, Nikolay Anatolievich Nikiforov, for the Russian Post to purchase for 5 billion rubles a stake of 50% minus 1 share of Leto Bank (Summer Bank) from VTB24, with the purpose of reorganizing it into the National Post Bank. The remaining stake of 50% plus one share will be owned by VTB24, a subsidiary of VTB Bank and VTB Group. VTB CEO Andrey Leonidovich Kostin suggested appointing Dmitry Rudenko, the current head of Leto Bank, as the head of Post Bank (Russia).[7][8]

January 28, 2016: a set of documents was signed between VTB24 and Russian Post on establishing the Post Bank (Russia). Russian Post purchased 50% minus 1 share of the newly established Post Bank (Russia) through its 100% subsidiary. The remaining 50% plus one share is owned by VTB24 of VTB Bank. Dmitry Rudenko, the head of Leto Bank of VTB24, became the head of Post Bank (Russia).[7][9][10][11]

December 22, 2017: Post Bank (Russia) announces that President-Chairman of the Board of VTB24, Mikhail Zadornov, and the Board Member of VTB24, Alexander Sokolov, will step down. Both Zadornov, as Chairman of the Board, and Sokolov, as temporary Chairman of the Board until Zadornov arrives, become members of the Management Board of Otkritie FC Bank.[12] Post Bank (Russia) announces that the president and chairman of the board of VTB Bank, Andrey Kostin, as well as senior vice-presidents of VTB Bank, Dmitry Pianov and Vladimir Levykin, will be placed on Post Bank (Russia) supervisory board.

December 27, 2017: VTB's Supervisory Board sells to Post Bank (Russia) a 74.7% stake in the limited liabiliaty company Multicard, MultiCard, or MultiKarta (Russian: МультиКарта) "with a par value of 112,420,993 rubles at a price not lower than the market price."[13]

December 28, 2017: VTB24 sells two shares to Dmitry Rudenko, the Chairman of the Board of Post Bank (Russia). VTB 24 and Russia Post have equal shares in Post Bank (Russia): each have 50% minus one share.[14][15]

January 1, 2018: VTB transfers VTB24 fully into VTB Bank.[16][17]

Sanctions

Placed upon the parent banks of Post Bank (Russia) are sanctions to the VTB Group and its subsidiaries. These sanctions also apply to Post Bank (Russia) upon its formation in 2016.

July 29, 2014: the Office of Foreign Assets Control (OFAC) published that “the VTB Group”, VTB Bank OAO, which is the second largest bank in Russia, together with its subsidiaries, the Bank of Moscow through its parent bank, VTB Bank OAO, VTB24, and other entities under its ownership have been added to the Specially Designated Nationals List (SDN).[18][19][20][21][22][23][24][25][26] This freezes the assets in the United States of VTB, VTB Global, Bank of Moscow, and other entities; and blocks any United States citizen or entities from conducting business with VTB, VTB Global, Bank of Moscow, and other entities.

July 31, 2014: VTB was added to the European Union sanctions list due to its role in the 2014 Crimean crisis.[27] VTB assets and its subsidiaries in the EU have to be frozen.

August 27, 2014: VTB Bank, VTB24, and VTB Group and their subsidiaries as well as all Russian financial institutions are under sanctions in Switzerland because of Russian interference in Ukraine.[28]

December 22, 2015: United States imposed additional sanctions on VTB Bank and its subsidiaries.[21][25][29][30][31]

March 15, 2017: Ukraine imposed sanctions against VTB Bank and subsidiaries because of the ongoing Russian interference in Ukraine.[32][33]

Shareholders

As of January 28, 2016, its only two shareholders were VTB24 (Russian: ВТБ 24) 50% plus one share and Russian Post (Russian: Почта России, Pochta Rossii) 50% minus one share.[7][9]

As of December 28, 2017, its only three shareholders were Dimitry Rudenko two shares, VTB24 50% minus one share and Russian Post (Russian: Почта России, Pochta Rossii) 50% minus one share.[34]

On January 1, 2018, its only three shareholders are Dimitry Rudenko two shares, VTB Bank (Russian: ПАО Банк ВТБ, former Vneshtorgbank, lit. foreign trade bank) 50% minus one share, and Russian Post 50% minus one share because VTB24 was acquired by VTB Bank and became VTB Bank.[14]

As of February 13, 2018, its only three shareholders are Dimitry Rudenko two shares, VTB Bank 50% minus one share, and Russian Post 50% minus one share.[14]

These actions by Post Bank (Russia), VTB24, and VTB Bank during January 2016, December 2017, & January 2018 are intended to bypass the United States sanctions. VTB Group and their subsidiaries are under sanctions on the United States Sectoral Sanctions Identifications list. If ownership of the entity by VTB Group or its subsidiaries is 50% or more, then that entity is also under United States sanctions. Post Bank (Russia) and the transfer to Post Bank (Russia) Multicarda by sale from VTB bypass the United States sanctions since the Post Bank (Russia) ownership by a United States sanctioned entity (VTB Bank) is one share less than 50%.[21][25][29][30]

MultiCard

Since December 27, 2017, Post Bank (Russia) has maintained the majority stake of a 74.7% in the limited liabiliaty company Multicard, MultiCard, or MultiKarta (Russian: МультиКарта)[13] "Multicard" represents a wide range of high-tech services for companies of the banking industry: processing and personalization of plastic cards of all major international payment systems, ATM network service, cross-selling in online channels, geolocation, and many other solutions.[13] Currently, the company provides services to more than 60 Russian and foreign banks.[13]

History

Established in 1994 in Moscow, the limited liability company MultiCard (Russian: ООО «МультиКарта») received certification in the late 1990s as a third party payment system to interact with the international payment systems of Visa, Europay International, MasterCard, American Express, and Diners Club.[35] In October 2014, Multicard met the requirements for the federal law #161-fz dated June 27, 2011, "On the National Payment System".[35] Following the order #1306-r dated July 15, 2014, for the Bank of Russia to create nationally significant payment systems in Russia, MultiCard which is the payment processing system for VTB24 of the VTB Group met the security requirements in March 2015 and did not have to transfer its processing to the National System for Payment Cards (NSPC) (Russian: Национальная система платёжных карт ОАО «НСПК»). As of March 2018, MuliCard provides processing for the VTB Group, VTB Bank, and Post Bank.[35][36]

General Director

2008 to May 21, 2013, Mikhail Zhuravlev (Russian: Михаил Журавлев) general director of MultCard, then he became operational director of Leto Bank (Russian: «Лето Банк»), which is the predecessor of Post Bank.[37]

May 21, 2013, to present Kirill Sviridenko (Russian: Кирилл Свириденко) general director of the multi-card processing company and part of the VTB Group in 2013.[37]

Sanctions

On December 22, 2015, the United States under EO13662 placed MultiCard[lower-alpha 1] on the United States Treasury Department's Office of Foreign Assets Control (OFAC) Sectoral Sanctions Identifications List which prohibits United States citizens, companies, or other entities from investing in MultiCard or conducting business with MultiCard and freezes any of MultiCard's assets in the United States.[25][30]

Notes
  1. For the United States Sectoral Sanctions List, MultiCard was named as MULTICARTA (a.k.a. MULTICARTA, LTD; a.k.a. MULTIKARTA, OOO; a.k.a. OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTYU MULTIKARTA), d. 43 korp. 1 ul. Vorontsovskaya, Moscow 109147, Russia; Website www.multicarta.ru[30]

References
  1. "Публичное акционерное общество "Почта Банк"" [Public Joint Stock Company "Pochta Bank"]. Central Bank of Russia (www.cbr.ru) website (in Russian). March 25, 2016. Retrieved February 17, 2018.
  2. VTB overwhelmed "Russian Post"
  3. ВТБ посоветовали объединиться с "Почтой России"
  4. Federal Property Management Agency offers VTB to create a bank with Russian Post
  5. The Togliatti project on the establishment of the Postal Bank has been implemented in practice: details
  6. Анин, Роман (Anin, Roman); Мароховская, Алеся (Marokhovskaya, Alesya); Долинина, Ирина (Dolinina, Irina); Великовский, Дмитрий (Velikovsky, Dmitry); Савина, Соня (Savina, Sonya); Шмагун, Олеся (Shmagun, Olesya); Шлейнов, Роман (Shleinov, Roman); Дмитриев, Денис (Dmitriev, Denis) (December 7, 2020). "Кирилл и Катя: любовь, разлука, офшоры и неограниченный ресурс. История самой тайной пары России: Журналисты «Важных историй» изучили переписку зятя и дочери Владимира Путина и узнали, как члены семьи президента зарабатывали сотни миллионов долларов из воздуха, тратили состояние на роскошный быт за границей и использовали свои связи с высшим руководством России" [Kirill and Katya: love, separation, offshore and unlimited resources. The history of Russia's most secret couple: Journalists of Vostochnye Stories studied the correspondence between the son-in-law and daughter of Vladimir Putin and learned how members of the president's family earned hundreds of millions of dollars out of thin air, spent a fortune on luxurious living abroad and used their connections with the top leadership of Russia]. «Важные истории» (ISTORIES) (in Russian). Archived from the original on December 7, 2020. Retrieved January 29, 2021.
  7. "Почтовый банк начнет работу с 2016 года" [Post Bank will start work beginning 2016]. Lenta.ru (in Russian). September 7, 2015. Retrieved February 13, 2018.
  8. Алешкина, Татьяна; Тофанюк, Елена (December 11, 2015). "ВТБ получит за Лето Банк около 5 млрд руб: Как стало известно РБК, "Почта России" купит 50% минус одна акция Лето Банка за 0,86 капитала, сделка может быть закрыта уже в этом году" [VTB will receive about 5 billion rubles for Leto Bank: As it became known to RBC, "Russian Post" will buy 50% minus one share of Leto Bank for 0.86 capital, the deal may be closed this year]. RBC (in Russian). Retrieved February 13, 2018.
  9. "В России создан "Почта Банк": "Почта России" и ВТБ24 подписали пакет документов о создании "Почта Банка". В церемонии приняли участие генеральный директор "Почты России" Дмитрий Страшнов и президент – председатель правления ВТБ24 Михаил Задорнов" ["Post Bank" was created in Russia: "Post of Russia" and VTB24 signed a package of documents on the establishment of "Post Bank." The ceremony was attended by General Director of Post of Russia Dmitry Strashnov and President and Chairman of the Board of VTB24 Mikhail Zadornov.]. Post Bank website (in Russian). January 28, 2016. Retrieved February 13, 2018.
  10. "В России создан Почта Банк" [In Russia established Post Bank]. VTB24 website (in Russian). January 27, 2016. Retrieved February 13, 2018.
  11. "Banks: Company Overview of PJSC Post Bank". Bloomberg website. Retrieved February 13, 2018.
  12. "New Management Board of Otkritie FC Bank Elected". Okritie FC Bank website. December 22, 2017. Retrieved February 13, 2018.
  13. "ВТБ продала Почта банку долю в 74,7% в компании "Мультикарта"" [VTB sold to Post Bank a 74.7% stake in the company "Multicarda"]. finanz.ru (in Russian). TASS. December 27, 2017. Retrieved February 13, 2018.
  14. "ВТБ и "Почта России" стали паритетными владельцами Почта-банка" [VTB and "Russia Post" became parity owners of Post Bank]. RNS.online (in Russian). December 29, 2017. Retrieved February 13, 2018.
  15. "VTB 24: About". VTB 24 website. Retrieved February 13, 2018.
  16. "Banks: Company Overview of Bank VTB 24 Public Joint-Stock Company". Bloomberg. Retrieved February 13, 2018.
  17. "ВТБ завершил присоединение ВТБ24" [VTB completed the merger of VTB24]. VTB website (in Russian). January 8, 2018. Retrieved February 13, 2018.
  18. "Announcement of Additional Treasury Sanctions on Russian Financial Institutions and on a Defense Technology Entity". US Department of the Treasury. July 29, 2014. Retrieved February 13, 2018.
  19. "Sectoral Sanctions Identifications; Kingpin Act Designations; Iran Designations Update; Ukraine-related Designation". US Department of the Treasury. July 29, 2014. Retrieved February 13, 2018.
  20. "Executive Order - Blocking Property of Additional Persons Contributing to the Situation in Ukraine". The White House - Office of the Press Secretary. March 20, 2014. Retrieved February 13, 2018.
  21. "Specially Designated Nationals And Blocked Persons List (SDN) Human Readable Lists". United States Department of Treasury. Retrieved February 13, 2018.
  22. "Ukraine conflict: US and EU widen sanctions on Russia". BBC. July 30, 2014. Retrieved February 13, 2018.
  23. President of The United States (March 10, 2014). "Ukraine EO13660" (PDF). Federal Register. Retrieved February 13, 2018.
  24. President of The United States (March 19, 2014). "Ukraine EO13661" (PDF). Federal Register. Retrieved February 13, 2018.
  25. President of The United States (March 24, 2014). "Ukraine EO13662" (PDF). Federal Register. Retrieved February 13, 2018.
  26. "Time for Trump to remove US sanctions against Russian banks – VTB head". RT. January 19, 2017. Retrieved February 13, 2018.
  27. "COUNCIL REGULATION (EU) No 833/2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine". THE COUNCIL OF THE EUROPEAN UNION. eur-lex.europa.eu. July 31, 2014. Retrieved February 13, 2018.
  28. Baertschi, Antje (August 27, 2014). "Situation in Ukraine: Federal Council decides on further measures to prevent the circumvention of international sanctions". Switzerland: Federal Administration website. Bern. Archived from the original on September 8, 2014. Retrieved February 27, 2018.
  29. "Treasury Sanctions Individuals and Entities for Sanctions Evasion and Other Activities Related to Russia and Ukraine: Underscores U.S. Commitment To Work With The EU To Maintain The Efficacy Of Existing Sanctions Until Russia Fully Complies With Its International Obligations With Respect To Ukraine". US Department of the Treasury. December 22, 2015. Retrieved February 13, 2018.
  30. "Russia/Ukraine-related Sanctions and Identifications: Specially Designated Nationals List Update". US Department of the Treasury. December 22, 2015. Retrieved February 13, 2018.
  31. "Executive Order - Blocking Property of Additional Persons Contributing to the Situation in Ukraine". The White House - Office of the Press Secretary. Retrieved February 13, 2018.
  32. Пороше́нко, Петро́ Олексі́йович (March 15, 2017). "УКАЗ ПРЕЗИДЕНТА УКРАЇНИ №63/2017: Про рішення Ради національної безпеки і оборони України від 15 березня 2017 року Про застосування персональних спеціальних економічних та інших обмежувальних заходів (санкцій)"" [DECREE OF THE PRESIDENT OF UKRAINE No. 63/2017: On the decision of the Council of National Security and Defense of Ukraine dated March 15, 2017 "On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions)"]. President of Ukraine website (in Ukrainian). Retrieved February 28, 2018.
  33. Пороше́нко, Петро́ Олексі́йович (March 16, 2017). "Глава держави затвердив санкції щодо низки російських банків" [The head of state has approved sanctions against a number of Russian banks]. President of Ukraine website (in Ukrainian). Retrieved February 28, 2018.
  34. "Избран новый состав наблюдательного совета "Почта Банка"" [The new composition of the Supervisory Board "Bank of the Post" was elected]. Post Bank (Russia) website (in Russian). December 27, 2017. Retrieved February 12, 2018.
  35. "Платежная система "МультиКарта"" ["MultiCard" Payment System]. banki.ru website (in Russian). Retrieved February 27, 2018.
  36. "Национально значимая платежная система" [Nationally Significant Payment Systems]. banki.ru website (in Russian). Retrieved February 27, 2018.
  37. "Кирилл Свириденко назначен генеральным директором процессинговой компании МультиКарта: Решением руководства Группы ВТБ с 21 мая 2013 г. на должность генерального директора процессинговой компании МультиКарта (входит в Группу ВТБ) назначен Кирилл Свириденко" [Kirill Sviridenko appointed General Director of the MultiCard processing company: By the decision of the management of VTB Group, since May 21, 2013, Kirill Sviridenko has been appointed to the post of general director of the multi-card processing company (part of the VTB Group)]. bankir.ru website (in Russian). Novosti. May 21, 2013. Retrieved February 27, 2018.
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