Moscow Narodny Bank Limited
Encyclopedia
Moscow Narodny Bank Limited; Moscow Narodny Bank Ltd; MNB
Moscow Narodny Bank Limited, London was created as an independent bank in 1919 on the basis of the London branch of the Moscow Narodny Bank, operating in London since 1915.
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.
Declared authorized capital stock of MNB is 250 thousand pounds sterling.
Original shareholding structure: Moscow Narodny Bank, Centrosoyuz, Central Association of Flax Growers, Selskosoyuz and Zakupsbyt.
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.
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 pounds (1945 – 1.5 million pounds).
In May 1950 the Shanghai branch of MNB was closed.
In 1952 the balance reduced to 6 million pounds.
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 till almost 100.
From 1960 till 1969 assets have grown from 55.6 million to 331.9 million pounds sterling and the paid-in capital have grown fourfold during this period and amounted to 5 million pounds.
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 pounds.
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.
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.
Moscow Narodny Bank Limited, London was created as an independent bank in 1919 on the basis of the London branch of the Moscow Narodny Bank, operating in London since 1915.
In 1919 due to disruption of relations with the parent company due to nationalization in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
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
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
under number No.159752.
Declared authorized capital stock of MNB is 250 thousand pounds sterling.
Original shareholding structure: Moscow Narodny Bank, Centrosoyuz, Central Association of Flax Growers, Selskosoyuz and Zakupsbyt.
Primary goal of the bank was financing of international trade of the Russian cooperative organizations with Britain
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and other countries. MNB became the first cooperative bank created as international trade support facility.
History
During 1924 the bank balance increased 2.5 fold and in the end of the year amounted to 2.4 million pounds sterling, and the bank’s capital stock increased up to 500 thousand. In 1925 the capital stock doubled and amounted to 1 million pounds. 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 pounds (1945 – 1.5 million pounds).
In May 1950 the Shanghai branch of MNB was closed.
In 1952 the balance reduced to 6 million pounds.
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 till almost 100.
From 1960 till 1969 assets have grown from 55.6 million to 331.9 million pounds sterling and the paid-in capital have grown fourfold during this period and amounted to 5 million pounds.
In 1963 the Beirut branch of the bank was opened.
In 1971 the branch in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
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 pounds.
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
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
to get direct international loans again.
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
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
.
In 1995 MNB created a bank subsidiary CB Mosnarbank CJSC in Moscow, which later on merged with OJSC JCSB Evrofinance
Evrofinance
OJSC EVROFINANCE MOSNARBANK is one of the biggest Russian commercial banks. Full name of the Bank: Open Joint-Stock Company EVROFINANCE MOSNARBANK. Head office locates in Moscow. General License No...
and formed Evrofinance Mosnarbank
In 1999 a new representative office was opened in Beijing.
In December 2005 VTB acquires Moscow Narodny Bank Limited.