SPB Bank (formerly Best Efforts Bank)

Best Effects Bank provides institutional investors (brokerage companies, trusted managers, etc.) with access to the Russian and international stock markets. As an intermediary who directly submits reports to the US tax office, the bank conducts secondary identification of client data in tax forms W-8 BEN.

History

2022: Name change

On June 6, 2022, it became known about the renaming of Best Efforts Bank, which is engaged in depository services for St. Petersburg Exchange. The new name of the credit institution is "SPB Bank."

SPB Exchange spoke about its intentions to rename its subsidiary to SPB Bank in April 2022. At the same time, the trading platform announced the goal of increasing the capital of the credit institution seven times. The plans include the placement of 400 million ordinary shares by open subscription. If we consider that the nominal value of the share is estimated at 10 rubles, then additional capitalization will help attract at least 4 billion rubles.

Strategist of Arikapital Management Company Sergei Suverov, in a conversation with Forbes, called the placement of securities "SPB Bank" - "SPB Exchange" promised to capitalize subsidiaries after the IPO in order to ensure the reliability of operations.

The additional capitalization of the bank is most likely associated with plans to "increase the scale of the business," said Yulia Yakupova, junior director for banking ratings at Expert RA. In her opinion, this "often requires additional capital from banks to fulfill all prudential requirements." Alexander Dorozhkin, head of the stock management department of Ingosstrakh Investments Management Company, added that SPB Bank is engaged in servicing SPB Exchange and receives a commission for depository services.

By June 2022, SPB Bank provides services to professional participants in the financial market, provides access services to Russian ("SPB Exchange" and "Moscow Exchange"), international (CME Group, EBS foreign exchange market, American and European stock markets) platforms, depository services, is a settlement depository of "SPB Exchange," and also provides related services - cash settlement services, internal accounting outsourcing, simplified identification.^[1]

2021: Shareholders

As of March 2021, the shareholders of Best Efforts Bank are the Association of Financial Market Participants "Non-Profit Partnership for the Development of the RTS Financial Market" (NP RTS Association) and PJSC St. Petersburg Exchange.

2015: Renamed "Best Efforts Bank"

On March 16, 2015, information appeared that Alor Bank was once again renamed. The updated official name has not yet been reflected on the Central Bank website, but has already been recorded in the Unified State Register of Legal Entities: Public Joint Stock Company Best Effects Bank.

The previous name also appears on the website of the bank itself, but it is reported that the shareholders made a decision in December 2014 to rename the credit institution.^[2]

2013: Acquisition by NP RTS Group of Companies

In December 2013, it became known that NP RTS entered into a deal to buy Alor Bank shares, on the basis of which it is planned to provide settlement and clearing services to professional market participants, primarily members of NP RTS. According to the partnership, 74% of the shares were acquired at the first stage, over the next year NP RTS is going to increase its stake to 100%. The amount of the transaction is not reported.^[3]

2012: Purchase by Alor Group and NPF Promagrofond and renaming to Alor Bank

The Alor group of companies and NPF Promagrofond closed the deal to acquire 99% of the shares of the Capital Credit Partnership (SCT) bank from the French banking group Societe General, which will soon be renamed Alor Bank. During 2012, the bank plans to open 8-10 branches in the regions of Russia, the first of which will open in St. Petersburg in the coming months, Alor reported.

The acquisition of the bank was completed on February 8, 2012. Alor Invest CJSC, Alor + LLC, Invest-Stolitsa LLC and AGANA UK LLC, part of Alor Group of Companies, acquired 54.45% of the shares of SKT Bank, and 44.64% of the bank's shares were acquired by one of Alor's largest partners^[4]"

2011: Amount of capital - about 1 billion rubles

According to preliminary data, the bank's capital at the end of 2011 amounted to about 1 billion rubles, profit in 2011 - 13.2 million rubles.

1992-2004: Name change

The bank has repeatedly changed owners and names. In particular, it was known as Petroagrokombank (since 1992), SBS-Agro-Petersburg (since 1998), North-West O. V. K. (since 1999), Capital Credit Partnership Bank (since 2004).

1990: Formation of Leningrad Commercial Agro-Industrial Bank

The Financial Institute was created in 1990 as a unit of the Leningrad Commercial Agro-Industrial Bank.

Notes