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NB Trust bank

Национальный Банк «Траст»  
Name NB Trust
Full name PJSC "National Bank Trust"
Licence 3279 | Summary on the Central Bank of Russia Site

Ranking

on 01.08.2018 г.
Net assets 1 413 980 390 RUR, tnd, 9th place in Russia, 8th place in regions
Net profit −62 151 767 RUR, tnd, 517th place in Russia, 262nd place in regions
All indicators
Headquarter
105066, Moscow, Spartakovskaya str., d. 5, str. 1
URL www.trust.ru
Banki.ru reference

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 lender’s network and card business, while Trust & Investment Bank gained the right to handle most of Yukos’s 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 bank’s 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 institution’s majority shareholder was Trust Management Company (93.77%) whose owners, according to quite an intricate ownership structure, were the bank’s board members Ilya Yurov, Sergei Belyaev and Nikolai Fetisov. Ilya Yurov directly held a 4.5% interest in National Bank Trust. Notably, the bank’s management was interested in taking an investor on board, specifically oil major Rosneft was mentioned. In December 2013, the lending institution’s board of directors decided to upsize charter capital by issuing additional common registered non-documentary shares. The bank’s 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 bank’s fair asset value and liabilities. As early as December 2015, Kommersant wrote that Otkritie Holding applied to DIA seeking additional funds to finance the bank’s 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 Trust’s takeover until the end of 2020.

On August 29, 2017 the Bank of Russia decided to take measures to strengthen Otkritie FC’s 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 lender’s 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 Trust’s 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.

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