VVB (earlier Bank Upper Volga)

History

2018: Revocation of license

On April 9, 2018 the Bank of Russia revoked a license for banking operations from VVB bank. The order of the Central Bank in bank appoints temporary administration. The head office of bank was located in the city of Sevastopol of the Republic of Crimea at this time.

"Activity of the management of PJSC Bank VVB led to education on balance of credit institution of considerable volume of troubled assets and the property considered at the overstated cost. Thereof the bank in December, 2017 was incapable to perform requirements of creditors. For the purpose of protection of interests of creditors and investors of PJSC Bank VVB taking into account its importance for the Republic of Crimea and the city of Sevastopol orders of the Bank of Russia appointed temporary administration on bank management and the moratorium on meeting requirements of creditors is imposed", says the Central Bank.

"Objective reflection of asset cost in the reporting of PJSC Bank VVB based on the examination of a financial status of bank conducted by temporary administration led to complete loss of its own means (capital)", - said the regulator.

"Besides, PJSC Bank VVB allowed repeated violations of requirements of the legislation in the field of counteraction of legalization (washing) of income gained in the criminal way, and to financing of terrorism regarding reliability of the data represented to authorized body, including on the transactions which are subject to mandatory control", - the Bank of Russia reported.

It is noted that the Central Bank repeatedly applied to "VVB" of a measure of supervising reaction, including introduced restrictions for attraction of deposits of the population twice.

Due to the revocation of license activities of temporary administration for management of "VVB" appointed in December, 2017 are stopped.

In bank the temporary administration valid up to the moment of appointment of the receiver or the liquidator is appointed. Powers of executive bodies of credit institution are suspended.

On the value of assets for March 1, 2018 the credit institution took the 179th place in a banking system of Russia.

VVB bank – the participant of deposit insurance system. The insured event is considered come from Date of Introduction of the moratorium on meeting requirements of creditors of bank (on December 12, 2017) on which payment of an insurance indemnity concerning obligations of bank in foreign currency is also calculated.

Payment of an insurance indemnity for deposits (accounts) to "VVB" continues to be performed by "Deposit Insurance Agency". Information on the agent banks authorized to perform payments of an insurance indemnity is posted on the website by DIA.

2015

In 2015 PJSC Bank VBB actively develops. Openly 7 new structural divisions (in Yaroslavl, the Crimea, Ryazan, Vladimir and Rostov), rebranding is carried out. Now the VBB Bank finishes preparation for opening of offices in Ivanov and Pereslavl-Zalessky.

Inclusion in the sanctions list of Ukraine

In September, 2015 the Ukrainian sanctions affected 28 Russian banks, including the Upper Volga Bank. Assets of these banks, according to the decree of the Ukrainian president, should be blocked, they are forbidden to provide financial aid, to issue loans or the credits, guarantees, to purchase securities.

The comment on all Russian banks which were included in the list is provided identical: sanctions are imposed for actions which "create real and/or potential threats to national interests, to national security, sovereignty and territorial integrity of Ukraine, lead to occupation of the territory, expropriation or restriction of the property rights, drawing (or to causing) property losses, to creation of obstacles for sustainable economic development".

Declaration of takeover plans of Yaroslavich bank

In July, 2015 it became known that the Board of Directors of Yaroslavich bank recommended to shareholder meeting to make the decision on reorganization of bank in the form of accession to Verkhnevolzhsky bank. Such information contains in materials of credit institution. It was announced that shareholder meeting at which reorganization conditions and also an order of conversion of stocks of bank into stocks of the attaching bank will be approved was appointed to September 21, 2015. Similar decisions were made today also by Board of Directors of Upper Volga to which accession is planned. Shareholders of Upper Volga will gather for an extraordinary meeting on September 7, 2015.

As it appears from the messages published on the website of Yaroslavich bank after consolidation and state registration of corresponding changes the credit institution will carry the name the Upper Volga Bank (VVB) and to be based in Sevastopol.

"All these changes, including increase in the capital, are aimed at the development and integration of bank, increase in its financial stability and reliability. Shareholders of bank want to make the contribution to development of the Crimea, to be active participants in implementation of policy of the Government of the Russian Federation in this direction", says^[1].

2014: Assets of 6 billion rub, the capital - 883 million rub

As of 9/1/2014 the cumulative amount of assets of bank was 6148.7 million rubles, equity – 883.2 million rubles, the loan portfolio – 4328.6 million rubles, account balances of clients – 1363.7 million rubles (according to RA "RAEX").

1991: Membership in ARB

The bank was created in 1990. Since 1991 the bank is a member of the Association of Russian Banks.

Notes