1. History

2. See also

3. Note

Moscow Narodny Bank Limited (MNB), London was created as an independent bank in 1919 on the basis of the London branch of the Moscow Narodny Bank, which had operated in London since 1915.

History

In 1919 due to disruption of relations with the parent company due to nationalization in Russia it was decided to protect the right of the London branch of the bank to exist and incorporate it as a British legal entity. The bank heads Jean Bubnov and Konstantin Popov submitted an application to register it as an English limited liability company, which was registered in London on October 18, 1919 as a company of England and Wales under number No.159752.

The declared authorized capital stock of MNB is £250,000. Original shareholding structure: Moscow Narodny Bank, Centrosoyuz, Central Association of Flax Growers, Selskosoyuz and Zakupsbyt.

The primary goal of the bank was financing of international trade of the Russian cooperative organizations with Britain and other countries. MNB became the first cooperative bank created as international trade-support facility.

During 1924 the bank balance increased 2.5 fold and by the end of the year amounted to £2.4 million, and the bank’s capital stock increased to £500,000. In 1925 the capital stock doubled to £1 million. Such growth allowed MNB to open its branches in Paris in 1925 and in Berlin in 1928. In 1926 the bank agency was established in New York.

In 1932 MNB took over the Russian Trade Bank established in London in 1923.

Resolution of the minutes of the meeting of the board of directors of MNB of March 1933: “the bank buys 1000 shares of the Dalbank Harbin bank for 50 thousand dollars in silver”. In 1933 the bank took over the Shanghai branch of Dalbank.

Paris branch of the bank was closed in 1934, branch in Berlin in 1935.

By the end of 1948 the capital of the bank increased up to £15.5 million (1945 – £1.5 million).

In May 1950 the Shanghai branch of MNB was closed.

In 1952 the balance reduced to £6 million.

In 1959 the former head of the Shanghai branch Andrey Dubonosov was appointed to a managerial position in the London branch of the bank. During the period from 1958 till 1960 the number of staff members increased from 40 to almost 100.

From 1960 till 1969 assets have grown from £55.6 million to £331.9 million, and the paid-in capital have grown fourfold during this period and amounted to £5 million.

In 1963 the Beirut branch of the bank was opened.

In 1971 the branch in Singapore was opened. From the end of 1971 till the end of 1973 the bank’s assets have grown from £391.8 to £835.9 million.

In 1975 – beginning of the work of the Moscow representative office.

In 1985 it was decided to close the Beirut branch.

In August 1986, after the redemption of imperial bonds issued before 1917, MNB played a key role in provision of an opportunity for the Soviet Union to get direct international loans again.

MNB had long worked with Morgan Grenfell & Company.^[1]

In 1991 the Central Bank of Russia became the owner of the control stock of MNB.

Support on the part of MNB allowed Helen Sharman to become the first British cosmonaut in May 1991.

In 1995 MNB opened its representative office in Canada.

In 1995 MNB created a bank subsidiary CB Mosnarbank CJSC in Moscow, which later on merged with OJSC JCSB Evrofinance and formed Evrofinance Mosnarbank

In 1999 a new representative office was opened in Beijing.

In December 2005 VTB acquires Moscow Narodny Bank Limited.

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See also

• Viktor Gerashchenko

Note

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