Own Bank (formerly Gazneftbank)

History

2023: Renaming to "Svoy Bank"

On March 9, 2023, Gazneftbank JSC announced a change in its name to Svoy Bank JSC. The name change takes place as part of the strategy for transforming the business of Gazneftbank JSC into a high-tech federal bank with a developed digital infrastructure.

2022: MoneyMan bought Gazneftbank

Mani Men - the fifth largest microloan portfolio company - was bought by Gazneftbank, which is one of the third hundred in terms of assets of credit institutions in Russia. This became known on July 20, 202.

As Kommersant writes with reference to the co-founder of the Mani Men group Boris Batin, the bank bought became part of the Russian part of IDF Eurasia from May 31, 2022. At the same time, he did not disclose the financial component of the agreement. At the beginning of 2022, the regulatory capital of Mani men amounted to 1.86 billion rubles, Gazneftbank - 333 million rubles.

MoneyMan acquired a regional bank

Batin noted that IDF Eurasia is developing an ecosystem of high-tech financial products and services for individuals and entrepreneurs and will "build a universal digital online bank" on the basis of the bank.

Logo in 2020

The publication writes that the transaction is atypical for the microfinance market, since usually banks, on the contrary, acquire microfinance organizations. Microfinance organizations (MFIs) and microfinance companies (IFCs) have a more risky audience, so for an effective assessment it is necessary to analyze a large array of data from many sources, which is uncharacteristic and inaccessible for most banks, "says Igor Alekseev, senior director of banking ratings at Expert RA. Therefore, the purchase of Mani Men was most likely bought by the bank in order to diversify the business and develop a new niche with a net asset "without skeletons" in the closet, adds Alekseev.

The balance sheet of this credit institution is hardly filled with any business. Accordingly, we are talking, rather, about buying not a bank, but a license. Due to the small amount of the transaction, the multiplier can be 0.3-0.6 capital, - independent expert Andrei Barkhota commented on the transaction to Kommersant.[1]

2016: Change of organizational and legal form

On December 21, 2016, the name of the bank was changed from Gazneftbank OJSC to Gazneftbank JSC.

Notes