Arvids Sipols has been appointed managing director of M2M Private Bank, the bank’s press service reported. In his new capacity he has taken helm of the investment division.
Arvids Sipols was born on August 20, 1969 in Latvia. He got a bachelor’s degree in economics at the Lawrence University (USA). He was employed by the Central Bank of Latvia where he held positions of the head of the investment department and the deputy head of the currency department. In 2000 he joined Parex Bank in Riga where he held various managerial positions related to investment management.
M2M Private Bank is a mid-sized Moscow bank, major business focus of which is lending and private deposits. The bank invests the bulk of funds in securities and is an aggressive player on the FX market. Currently, the bank’s beneficial owners, via the sole shareholder (Prosop Invest), are former Expobank participants Andrey Vdovin, Kirill Yakubovsky, Pavel Maslovsky, Peter Humbro (20% each), and also Andrey Novikov and Svetlana Bezrukova (10% each).
As Banki.ru data show, as of July 1, 2011 the lending institution’s assets stood at Rub 21.12 bln (No. 137 in Russia), capital (calculated in line with CBR requirements) came to Rub 2.01 bln, the credit portfolio totaled Rub 7.43 bln and obligations to households amounted to Rub 13.70 bln.
