The bank was founded as Menatep Saint Petersburg, as a subsidiary of Moscow-based lender Menatep, in Saint Petersburg in 1995. Initially Menatep SPb was established as a mono-office bank to operate in the North-West region. However, following the financial meltdown in August 1998 when Menatep suspended operations, the bulk of operations were shifted to Menatep SPb and Trust & Investment Bank. While distributing assets, Menatep grabbed the lenders network and card business, while Trust & Investment Bank gained the right to handle most of Yukoss financial flows. At the same time, Menatep SPb managed to gain support from Gazprom executives, which resulted in a substantial ownership shakeup and provided an impetus to roll out a new area of business. The lending institution, which operated as a closed joint stock company, turned into an open joint stock company in 2000. The banks corporate status was changed to a public joint stock company in August 2015.
In summer 2004, executives at Investment Bank Trust (former Trust & Investment Bank), led by the board chairman of both banks Ilya Yurov, wrapped up the acquisition of the title to controlling stakes in Bank Trust and Menatep SPb from their previous owners. As a result, the title to a 99.3% stake in Menatep SPb was assigned from MFO Menatep to Investment Bank Trust executives. In March 2005, the lender was renamed National Bank Trust, was relocated from Saint Petersburg to Moscow in November 2006, and two years later the bank wrapped up the long-announced takeover of Investment Bank Trust.
Until late December 2014 the lending institutions majority shareholder was Trust Management Company (93.77%) whose owners, according to quite an intricate ownership structure, were the banks board members Ilya Yurov, Sergei Belyaev and Nikolai Fetisov. Ilya Yurov directly held a 4.5% interest in National Bank Trust. Notably, the banks management was interested in taking an investor on board, specifically oil major Rosneft was mentioned. In December 2013, the lending institutions board of directors decided to upsize charter capital by issuing additional common registered non-documentary shares. The banks charter capital should have increase by 25% if the additional shares are placed in full.
On December 22, 2014 the Bank of Russia decided to rehabilitate National Bank Trust which ranked 28th by net assets in Russia. Otkritie FC was selected to rescue the bank. The regulator decided to rehabilitate National Bank Trust with the help of an investor, taking into account Rub 67.8 bln of capital shortage as the Deposit Insurance Agency (DIA) assessed. The entire rehabilitation procedure was valued at Rub 127 bln, with Rub 99 bln out of this amount lent by DIA to National Bank Trust, while the rehabilitating bank was lent an additional Rub 28 bln to cover the imbalance between the banks fair asset value and liabilities. As early as December 2015, Kommersant wrote that Otkritie Holding applied to DIA seeking additional funds to finance the banks rehabilitation because the previously announced debt hole widened during rehabilitation measures. According to the media, the holding needed roughly Rub 47 bln in addition to Rub 127 bln received earlier. In line with the rehabilitation program, Otkritie FC was to finalize National Bank Trusts takeover until the end of 2020.
On August 29, 2017 the Bank of Russia decided to take measures to strengthen Otkritie FCs financial stability. The regulator itself was planned to act as a main investor using funds from Bank of Russia-controlled Management Company of the Banking Sector Consolidation Fund. On December 11, 2017 the Bank of Russia officially became the holder of over 99.9% of Otkritie FC Bank shares.
On March 15, 2018 temporary administration (Management Company of the Banking Sector Consolidation Fund) was introduced at National Bank Trust for six months. The Bank of Russia decided to slash the lenders charter capital to Rub 1.00 on March 20, 2018. Meanwhile, the media reported many times that National Bank Trust was to be used as a hub for a bank of bad debt, into which bad and non-core assets were to be wired from B&N Bank, Otkritie Bank, Rost Bank, AVB Bank, and Promsvyazbank. At a press conference CBR deputy chairman Vasily Pozdyshev confirmed that the bad debt bank will be established using the National Bank Trust license, and made it clear that in the future the bank will probably cancel its banking license and will be provided with new duties as a direct investment fund.
National Bank Trusts takeover of Rost Bank was wrapped up in July 2018.
The Bank of Russia has held over 99.9% of National Bank Trust shares since May 14, 2018.
The bank is headquartered in Moscow. As of January 1, 2018 its regional network consisted of four branches (Moscow, Saint Petersburg, Vladimir and Cherepovets), an additional office and 34 operating offices. The banks ATM network is comprised of roughly 600 machines, with most of them operated in Moscow and Saint Petersburg. In addition, a broad network of Otkritie Group ATMs are at the service of the banks cardholders. According to the latest data, the banks headcount exceeded 3,000.
Retail customers are offered a wide range of credit and deposit products, debit cards (MasterCard), cash settlement and online banking services, safety deposit boxes, brokerage mutual investment funds, insurance programs, and remote services The banks list of corporate services includes standard cash settlement and lending services, deposit products (deposit accounts and accounts with interest accrued on account balance). The bank issues and supports corporate bank cards, payroll projects, etc.
The lenders assets climbed by 50% to Rub 616.9 bln from March 2017 through March 2018. On the liabilities side, the increase was driven by short-term inter-bank resources (according to the banks financial statement as of year-start 2018, all inter-bank loans were taken out from Otkritie FC). Meanwhile, the banks capital continued a nosedive, jumping during this period from Rub 63.3 bln to Rub 196.8 bln. As regards assets, the securities portfolio grew most of all (investment in both bonds and stocks increased), and so did corporate lending and other asset items.
As the lending institution is currently under rehabilitation, as of early March 2018 its liabilities looked as follows: drawn inter-bank loans (51.3% of liabilities), funds of businesses and institutions (22.4%), and retail deposits (14.3%). The banks capital has been falling (down Rub 196.8 bln under the Bank of Russia methodology as of the balance sheet date). Reliance on retail funds is assessed as moderate.
The bulk of net assets falls to the credit portfolio (43.3%), with securities accounting for nearly the same (41.4%). Other assets account for 10.8%, high-liquidity assets and granted inter-bank loans, in the aggregate, are hardly above 1% of the lending institutions net assets.
As of March 1, 2018 the banks credit portfolio stood at Rub 266.9 bln, or up by over one third during the period under review. Portfolio growth was fully driven by the expanding corporate credit portfolio (while the retail credit portfolio shrank), which accounted for 69.3% of the aggregate portfolio by the balance sheet date. In the previous years, the banks retail credit portfolio was twice as large as the corporate credit portfolio.
The credit portfolio is mainly long-term, with loans issued for 3Y+. As of early March 2018, overdue debt stood at 43.4%, or virtually flat on the year (46.6% as of January 2016, and 7.93% as of January 2015), with 60% of overdue debt falling to the retail credit portfolio. Over the past twelve months, portfolio provisions have jumped, but still lag behind overdue debt, equaling 42.5% (34.5% a year ago). The credit portfolio is 36% collateralized, which constitutes an increasing low level of collateral. As for the sectorial breakdown of the credit portfolio, a big portion falls to real estate and development, but the bulk falls to loans extended to companies that «carry out other activities». As regards the regional breakdown of the credit portfolio, Moscow resolutely holds leadership. On Off-Balance Sheet Account No. 91412 (balances stood at Rub 66.7 bln as of March 1, 2018) the bank reflects mainly rights of claim that the bank provided as collateral for a loan extended by DIA for a term until December 29, 2024.
During the period under review the securities portfolio nearly doubled to Rub 255.1 bln. As of the balance sheet date, corporate bonds accounted for 82% of the portfolio, 21% fell to OFZs and government securities, and slightly more than 9% to Russian stocks. Sizeable provisions were piled up against the portfolio (21.4% for the bond portfolio and 71.7% for the stock portfolio). Portfolio turnover has recently ranged from Rub 24 bln to Rub 127 bln.
The bank is a net borrower in the inter-bank lending market, borrowing quite big amounts on a monthly basis.
In 2017, the banks net loss totaled Rub 145.2 bln, according to the RAS financial statement (the banks FY16 net loss amounted to Rub 14.3 bln under RAS).
The Board of Directors: Ksenia Yudaeva (chairwoman), Mikhail Zadornov, Ilya Bakhturin, Alexei Moiseev, Mikhail Irzhevsky, Alexei Simanovsky,, and Elena Titova.
The Management Board (since March 15, 2018 temporary administration duties to run the bank have been provided to Management Company of the Banking Sector Consolidation Fund): Alexander Sokolov (chairman), and Artem Kirillov. Hide