QIWI Bank
Since 1993
Russia
Central Federal District of the Russian Federation
Moscow
Owners:
Kiwi (formerly Qiwi group)
Owners
History
2024
DIA estimated the cost of liquidating Kiwi Bank at 2.1 billion rubles
The Deposit Insurance Agency (DIA) estimated the costs of liquidating Kiwi Bank at 2.1 billion rubles. The state corporation announced this on April 22, 2024.
As Kommersant writes with reference to the DIA estimate, the cost of salaries and compensation will amount to about 1.85 billion rubles. The remaining 256 million rubles will be spent on administrative and economic expenses, including the maintenance and protection of rented buildings, arrears in the maintenance and protection of rented buildings that arose after the revocation of the license, notarial expenses, storage of archival documentation of the bank, etc.
The DIA clarified to the publication that the costs of liquidating Kiwi Bank depend on the costs of the credit institution before revoking its license. The Kiwi Bank's expenses are dominated by personnel costs, including the payment of severance pay and related taxes to them - 88%.
 | Expenses will be reduced gradually due to the dismissal of staff, the release of premises rented for them, etc., - added to the DIA. |  |
At the end of February 2024, 1.5 thousand people worked in the bank, in the branch Tochka-bank"" - almost 1.9 thousand. At the beginning of April 2024, 167 employees were dismissed from the bank's head office, and more than 1,000 from the Tochka-Bank branch, which reduced the monthly wage fund by 51.6 million rubles, to 292.2 million rubles, and by 258.8 thousand, to 1.3 million rubles, respectively, the publication says.
By the end of February 2024, Kiwi Bank had one branch (Tochka Bank) and a representative office (in Tajikistan), as well as five additional offices not in Russia.
As Igor Dubov, partner of the law firm Iontsev, Lyakhovsky and Partners, explained to the publication, the costs are covered by the funds and property of the bank being liquidated. First of all, the liquidator gets rid of everything that pulls current expenses and does not bring income, said Svetlana Tarnopolskaya, partner of the Yukov & Partners Bar Association.[1]
Tochka Bank buys out the assets of its clients for 8 billion rubles in Kiwi Bank.
The bank Point"" at the end of February 2024 announced that it would buy back the assets of its clients for 8 billion rubles in the Kiwi Bank, from which it revoked its CENTRAL BANK OF THE RUSSIAN FEDERATION license. Thus, customers will be able to return funds if their losses are not covered by payments. Deposit Insurance Agencies (DIA) The refund transaction will be performed as follows:
- Tochka will redeem the rights of claim against Kiwi Bank from its clients and will take on all the risks of subsequent collection of amounts;
- payments will be received in those accounts that were opened in the "Point";
- if the balance on the account was in foreign currency, then the payment will be made in rubles at the Central Bank exchange rate as of February 21, 2024.
Clients from the number of DIA depositors who have concluded an agreement with the "Point" for the redemption of claims will receive the difference between 1.4 million rubles (the maximum amount of insurance compensation) and the balance on the account. So, if the entrepreneur got stuck 12 million rubles in Kiwi Bank, he will receive 1.4 million rubles from the DIA, and 10.6 million rubles will be credited to Tochka.
According to Andrei Zavadskikh, General Director of Tochka, by February 27, 2024, about 20 thousand Tochka customers had accounts opened in Kiwi Bank, which corresponds to 3% of the total. About 8 billion rubles of funds were stored in these accounts, which are not covered by DIA insurance.
| | Access to money is currently blocked and for many customers this is a critical situation: for some, this means a halt in activity or even the collapse of a business. To take a significant risk, but solving the client's problem as quickly as possible is a matter of principle. For us, the client is more expensive than money, - said Zavadskikh. | |
"Point" will begin to make the first payments on March 5, 2024, and payments from the DIA should begin no later than March 6 of the same year.[2]
License revocation due to transfers to droppers and cryptocurrency wallets
On February 21, 2024, the Central Bank of the Russian Federation revoked the license from Kiwi Bank. As the regulator explained, the credit institution violated the laws and regulations of the Central Bank, and its activities "were characterized by involvement in high-risk operations," including money transfers in favor of crypto exchanges, illegal online casinos, droppers, bookmakers , etc.
In addition, according to the Central Bank, Kiwi Bank was looking for new ways to bypass the restrictions imposed by the regulator and opened Qiwi wallets using personal data of individuals without their knowledge and conducting operations on them.
RBC Experts from the field of exchange interviewed by the publication "-Krypto" cryptocurrencies agreed that the QIWI system has naturally lost popularity over the past five to six years due to artificial restrictions and worsening domestic tariffs. It was inferior to the primacy of bank transfers, including due to the increase in the popularity of p2p sites, which in the past few years have begun to massively accustom users to exchanges directly from a bank card, without any intermediaries, according to a publication dated February 21, 2024.
| | "KIWI Bank (JSC) did not take effective measures to reduce risks in its activities, despite the active supervisory work of the Bank of Russia, and continued to conduct high-risk operations," the Central Bank said in a statement. | |
According to a preliminary assessment by the Bank of Russia, Kiwi Bank will have enough funds to return money from citizens' electronic wallets. Payments to depositors of Kiwi Bank will begin no later than March 6, 2024 , the Deposit Insurance Agency said. They will be returned 100% of the funds, but no more than 1.4 million rubles per depositor, the Central Bank said.
In terms of assets, Kiwi Bank ranked 89th in the banking system of the Russian Federation. The bank has opened about 15 million virtual wallets.[3]
2023: Opening of a third retail branch
KIWI Bank on March 24, 2023 announced that it had opened a third retail branch for customer service in Russia and the first in Moscow. The Bank's office provides a wide range of services for individuals and legal entities - from money transfers and payments to collection. At the Bank's branch, QIWI users will be able to get advice on the issue they are interested in.
Customers of the Bank will be able to pass the free QIWI identification of the Wallet at the branch and replenish it for free. Make an exchange of dollars and euros at the rate as close as possible to the stock exchange. Make money transfers in the CONTACT system to different countries of the world, pay providers without commission, receive money, and issue a plastic QIWI card.
Legal entities and individual entrepreneurs will be able to submit documents at the office to open an account, get advice on cooperation issues and replenish the account of the payment agent through the cash desk.
{{quote "The opening of this QIWI branch expands service channels and provides customers with the opportunity to choose online or offline communication. Many of our visitors note that it is more comfortable for them to contact the branch to discuss important issues personally with a bank employee. Therefore, it was so important to open an office in Moscow, - said Tatyana Mareeva, Chairman of the Management Board of KIWI Bank (JSC). }}
The Bank's branch operates at 79k1 Varshavskoye Shosse. Office operating hours: weekdays from 9 to 18. Operating mode of the cash register: weekdays from 9 to 20, weekends from 9 to 18.
Branches of KIWI Bank (JSC) also operate in St. Petersburg and Kazan.
2021: TAdviser interview with Chairman of the Board of Directors Maria Shevchenko
In March 2021, in an interview with TAdviserMaria Shevchenko, Chairman of the Board of Directors of Kiwi Bank, member of the Board of the Association of Banks of Russia spoke about the current level of dependence of Russian banks on imported technologies and the "pitfalls" of import substitution in this industry. Read more here.
2020: Ban on payments to foreign sellers, fine of 11 million rubles
On December 7, 2020, the Central Bank of the Russian Federation banned Kiwi Bank from paying foreign sellers and fined it 11 million rubles. The restrictions were imposed after the regulator conducted an audit, which lasted from July 2018 to September 2020.
Among the operations in respect of which the Central Bank of the Russian Federation imposed restrictions are payments in favor of foreign trading companies and money transfers to prepaid corporate cards. The Central Bank has limited transfers to foreign trading companies for up to 6 months, including operations through the Contact money transfer system, while the rest of the transfers, including between individuals, will operate normally.
| | Certain violations and deficiencies were identified, primarily regarding reporting and documentation requirements. We believe that shortcomings identified during the audit may arise in the course of normal practice for most banking institutions of the Qiwi Bank scale, the materials say. Qiwi | |
The group noted that the restrictions imposed by the Central Bank are primarily due to general trends towards strengthening cybersecurity and cross-border payments carried out by Qiwi.
| | We cannot guarantee that as a result of these or any other conclusions of the planned inspection of the Central Bank, additional restrictions will not be imposed on us. As a result of the suspension of a number of our operations, our other processes may become the object of closer attention from the Central Bank. Now we are taking measures to minimize the impact of these restrictions on our business, "Anastasia Zhuravleva, Qiwi Communications Director, told Interfax. | |
Against the background of news about the fine and the restriction of some Kiwi Bank operations, Qiwi securities began to fall in price. Qiwi depositary receipts at the opening of trading on the Moscow Exchange on December 10, 2020 fell in price by 11.7% and were sold at 896 rubles, follows from the exchange data. Later, during trading, the paper began to recoup the fall. As of 14:22 Moscow time, Qiwi depositary receipts fell in price by 8.7% and cost 927.5 rubles.[4][5]
2017: Registration as a Contact payment system operator
On March 17, 2017, the Bank of Russia registered KIWI Bank (JSC) as the operator of the Contact payment system in the unified register of payment operators. Since the same date, NPO Rapida LLC has been excluded by the Bank of Russia from the list of payment systems operators. Both credit institutions are part of the Qiwi Group. Read more here.
2011: Renamed QIWI Bank
Since March 16, 2011 1st Processing Bank officially changed its name to KIVI Bank (CJSC) (brand: QIWI Bank). The change in the name of the bank is associated with the strategy of unifying the activities of the QIWI holding and uniting all companies that are part of it under a single brand.
The first stage of this strategy was held in March 2010, when the "Personal Account" was called Visa QIWI Wallet. The next step was to change the name of Direct Contact to QIWI Advertising, which took place in July 2010. Finally, in October 2010, it was announced that OE Investments Holding would be renamed QIWI.
2008: Renamed "1st Processing Bank"
On July 23, 2008, the Bank was renamed the Joint Stock Commercial Bank 1st Processing Bank (CJSC). The name change made it possible to most fully reflect the scope of the Bank's activities, its unique features, as well as the vision of further development.
As of 01.10.2010, the bank ranked 426th in the ranking of the largest Russian banks in terms of assets.
2004: renaming to JSCB "Russian Investment Club"
In 2004, the Joint Stock Commercial Bank was accepted into the federal insurance system for bank deposits and was renamed to CJSC JSCB Russian Investment Club.
1993-98: Creation of Beleconombank JSCB
In 1998, the Bank had new shareholders. Kirill Vladimirovich Evdakov became Chairman of the Management Board of the Bank.
In 1997, Vneshtorgbank bought 71% of the Bank's shares and organized the Belgorod branch of Vneshtorgbank on its basis. Vladimir Pashentsev held the post of Chairman of the Management Board of the Bank, later (February 2013) the Head of the Vneshtorgbank branch.
In 1993, the Beleconombank Bank was created by the Pension Fund of the Russian Federation. The bank has become a reference bank for servicing pension accounts in Belgorod and the Belgorod region. The first Chairman of the Bank's Board was Mikhail Beskhmelnitsyn, who later (February 2013) held the post of Auditor of the Accounts Chamber of the Russian Federation.
Notes
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