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Alfa-Bank
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{{Short description|Russian banking and financial services corporation}}{{distinguish|Alpha Bank}}{{Use dmy dates|date=March 2020}}







factoids
US$ 1.35 billion (2020)US$ 61.85 1000000000 (number)>billion (2020)US$ 8.67 1000000000 (number)>billion (2020)alfabank.ru|AlfaBank.ru}}ACCESS-DATE=21 MARCH 2018DATE=21 MARCH 2018ARCHIVE-DATE=21 MARCH 2018LANGUAGE=RUPUBLISHER=BANKI.RU, }}Alfa-Bank JSC{{citation|title=Central Bank of Russia|url=https://www.cbr.ru/banking_sector/credit/coinfo/?id=450000036|access-date=2021-10-07|work=cbr.ru}} () is the largest of the private banks in Russia.JOURNAL, Top Banks in Russia - Overview and Guide to Top 10 Russian Banks, Corporate Finance Institute,corporatefinanceinstitute.com/resources/careers/companies/top-banks-in-russia/, It was founded in 1990 by Russian businessman Mikhail Fridman, who remains the controlling owner. Headquartered in Moscow, it operates in seven countries, providing financial services to 22 million active corporate customers and over 1 million active retail clients as of 2021.WEB,alfabank.com/app/uploads/2021/08/ab_21_105_ar2020_210830a.pdf, Annual Report 2020, Alfa-Bank, 2021-09-16, 14 February 2022,web.archive.org/web/20220214105419/https://alfabank.com/app/uploads/2021/08/ab_21_105_ar2020_210830a.pdf, dead, On 1 March 2022, Mikhail Fridman and Pyotr Aven left the bank’s board of directorsWEB,www.forbes.ru/milliardery/457613-popavsij-pod-sankcii-fridman-pokinul-sovet-direktorov-krupnejsego-retejlera-rossii, Milliardery, Forbes.ru, 2022-03-19, after coming under EU sanctions imposed in response to the 2022 Russian invasion of Ukraine. For the same reason, the bank has been sanctioned by US and EU authorities beginning in February 2022 and 2023, respectively.

History

Timeline:WEB,www.alfabank.ru/about/awards/history/, Bank’s History, ru, Alfa-Bank, 2011-03-20, WEB, Alfa, Bank, 31 December 1998,alfabank.com/f/1/investor/financial_reports/annual_reports-ifrs/ab_report1998.pdf, Alfa-Bank Annual Report 1998, alfabank.com, Alfa-Bank, 21 March 2011,alfabank.com/f/1/investor/financial_reports/annual_reports-ifrs/ab_report1998.pdf," title="web.archive.org/web/20110725042452alfabank.com/f/1/investor/financial_reports/annual_reports-ifrs/ab_report1998.pdf,">web.archive.org/web/20110725042452alfabank.com/f/1/investor/financial_reports/annual_reports-ifrs/ab_report1998.pdf, 25 July 2011, dead,

1990s

2000s

  • 2000 – Alfa-Bank acquires a 76% stake in Kyivinvestbank (later renamed “Alfa-Bank“). The Banker and Global Finance magazine name Alfa-Bank “The Best Russian Bank”. Alfa Securities, a broker and a subsidiary, opens in London.
  • 2001 – By the end of first quarter, the bank’s loan portfolio reaches $1 billion; Alfa-Bank opens a subsidiary in New York City, Alfa Capital Markets, an NASD (now Financial Industry Regulatory Authority (FINRA)) regulated company set up to provide brokerage and investment services in North and South America. Emerging Markets Investor and Global Finance name it “Best Bank in Russia”. Alfa-Bank becomes the 100 percent owner of Amsterdam Trade Bank N.V. and thereby acquires a full banking licence in the European Union.
  • 2002 – Gazprom and Alfa-Bank reach an agreement on strategic partnership. Together with Merrill Lynch, Alfa-Bank wins financial consulting contract from Unified Energy System. Fitch and S&P upgrade their credit rating on Alfa-Bank. Once again Global Finance magazine names Alfa-Bank “Best Russian Bank”.
  • 2003 – Unaudited financial statements reveal record high growth in profits in 2002 (the bank’s loan portfolio increases 70% to $1.4 billion, assets surge by 51%, while net income rises by more than a third). Alfa-Bank, in partnership with the Lauder Institute of the Wharton School of Business, establishes a new award for “Excellence in Foreign Investment”, to be presented to foreign companies operating in Russia for weighty contribution to corporate governance and successful business operations. Alfa-Bank draws an $82 million unsecured syndicated loan, the biggest on record among private banks. S&P, Fitch, and Moody’s upgrade Alfa-Bank’s rating during the year.
  • 2004 – Alfa-Bank tops the list of financial consultants by deals value, completing $8.9 billion worth of transactions in 2003. Alfa-Bank’s loan portfolio grows by 52% year-over-year, reaching $2.8 billion. It wins a $10 million defamation settlement against the Russian newspaper Kommersant, which had published an article on financial difficulties at the bank, which suffered a substantial run on deposits and contributed to a mini banking crisis over the summer.NEWS, Jack, Andrew, Russian newspaper faces $10m bill for defamation,www.ft.com/content/93567b14-22d9-11d9-b5b4-00000e2511c8, 22 April 2018, Financial Times, 20 October 2004,
(File:Альфа-Банк, Москва, проспект Андропова, дом 18 корпус 3 (30.05.2022).jpg|220px|thumbnail|right|Alfa-bank headquarters in Moscow (2021))

2010s and 2020s

File:Альфа-Банк в Москве на улице Земляной Вал, 41 стр.1 (22.03.2020).jpg|220px|thumbnail|right|Alfa Bank branch in MoscowMoscow

Charity

Since 2004, Alfa-Bank has been assisting “Life Line”, a charity programme for aiding seriously ill children. Alfa-Bank was the first company to organise a collection of private donations to the foundation.WEB,bankir.ru/novosti/20160331/alfa-bank-i-liniya-zhizni-zapustili-pervuyu-v-rossii-korporativnuyu-kartu-dlya-uchastiya-v-blagotvoritelnosti-10117043/, Альфа-Банк и “Линия жизни” запустили первую в России корпоративную карту для участия в благотворительности, 2017-12-29, Since September 2008, bank customers have the opportunity to transfer cash donations to help children with the help of the Alfa-Click Internet Bank or a conventional bank transfer without a bank commission.WEB,www.life-line.ru/eng/issues/38, Альфа-Банк получил награду за активное участие в программе “Линия жизни”, publisher life-line.ru, 2012-09-07, https:web.archive.org/web/20140726095348www.life-line.ru/eng/issues/38, dead, 2014-07-26, WEB,alfabank.ru/murmansk/society/life-line/, Программа спасения тяжелобольных детей “Линия жизни”, publisher alfabank.ru, 2012-09-07, https:www.webcitation.org/6BTpxn8cO?url=http://alfabank.ru/murmansk/society/life-line/, live, 2012-10-17, The bank also cooperates with WWF,WEB,www.banki.ru/news/daytheme/?id=6322116&r1=rss&r2=yandex.news, Карта Хранителя Земли, 2017-12-29, supports most of its initiatives, and also invites its clients to provide financial support to the fund.WEB,alfabank.ru/society/wwf/, WWF – спасение тигров, publisher alfabank.ru, 2012-09-09, https:web.archive.org/web/20121009072732alfabank.ru/society/wwf/, live, 2012-10-09, The bank operates a volunteer organization called “Give Kindness”. The bank collects humanitarian aid for orphanages, boarding schools and social shelters, and also attracts employees as volunteers. Every year, the bank organizes charity events called “Children’s Day”, “Help Me Get Ready for School”, and “Christmas Miracle”.WEB,philanthropy.ru/analysis/2017/09/27/54938/, 14 лучших акций бизнеса в #ЩедрыйВторник, 27 September 2017, 2017-12-29,

Education

Since 1995, the bank has run the “Alfa-Chance“WEB,alfachance.com/, Alfa Chance, 2023-08-31, student scholarship programme, which gives school graduates from various regions of Russia the opportunity to receive higher education at leading universities in the country. Since 2008, Alfa-Bank, in cooperation with HSE, has run a programme to provide nominal scholarships to first-year students from Russian regions (except Moscow and St. Petersburg) who have won prizes at All-Russian School Olympiads and the HSE Multi-Profile Olympiad.WEB,www.hse.ru/scholarships/alfachance/, Стипендия Альфа-Шанс, 2017-12-29, In total, the “Alfa-Chance” program involves about 17 higher education institutions. The bank operates the Alfa Fellowship Program, which enables young specialists from the United States, Great Britain and Germany to undergo an internship in Russia.WEB,alfabank.ru/f/1/about/annual_report/Social-Report_2016.pdf, Стратегия Умного Роста, 2017-12-29,

Culture

Alfa-Bank plays an active role in developing cultural and educational activities, primarily to support national art. On 7 June 2000, the Ministry of Culture of the Russian Federation and Alfa-Bank signed a cooperation agreement, under which the participants agreed to work together to organise joint cultural events and creative projects. Every year, exhibitions and concerts are held with the support of a bank in Russia. In addition, Alfa-Bank participates in the organisation of exhibitions and concerts by Russian cultural figures abroad. For example, on 18 February 2000, a concert by the Moscow Virtuosos Symphony Orchestra conducted by maestro Vladimir Spivakov was held in London. It was the orchestra’s first performance in London for 10 years. The presentation was sponsored by Alfa-Bank.Alfa-Bank and the Moscow Literary Fund run a scholarship support programme for writers, aimed at motivating authors to create new works of literature: prose, poetry, drama, translations, and books for children.WEB,znamlit.ru/publication.php?id=1322, Альфа-Банк помогает писателям, 2017-12-29, The bank is also one of the co-founders of the “Big Book” National Literary Award.Alfa-Bank periodically sponsors or participates in the organisation of concerts by foreign stars in Russia, including Bono (2010), Elton John (1995, 2001, and 2007), Aerosmith (2007), Sting (1996, 2001, and 2006), Whitney Houston (2004), and Paul McCartney (2003 and 2004). Some of the singers invited were performing in Russia for the first time.WEB,finparty.ru/section/events/record/24/, Альфа-Банк привез в Москву U2, publisher finparty.ru, 2012-09-07, https:web.archive.org/web/20121123133019finparty.ru/section/events/15700/, dead, 2012-11-23, WEB,www.bankinform.ru/news/SingleNews.aspx?newsid=12938, Альфа-Банк представляет концерты группы Aerosmith в Москве и Петербурге, publisher bankinform.ru, 2012-09-07, https:web.archive.org/web/20140725042520www.bankinform.ru/news/SingleNews.aspx?newsid=12938, live, 2014-07-25, WEB,vz.ru/news/2006/6/16/37804.html, Группа Jamiroquai впервые даст концерт в Москве, publisher vz.ru, 2012-09-07, https:web.archive.org/web/20140726084747vz.ru/news/2006/6/16/37804.html, live, 2014-07-26, WEB, 2003-12-17,www.newsru.com/cinema/17dec2003/houston.html, Уитни Хьюстон даст два концерта в Москве, publisher newsru.com, 2012-09-07, https:web.archive.org/web/20140725040331www.newsru.com/cinema/17dec2003/houston.html, live, 2014-07-25, Alfa-Bank also organises an electronic music and technology festival called Alfa Future People. Headliners have included stars of the world electronic scene such as Paul Oakenfold, Avicii, Skrillex, Pompeya, Tesla Boy, and Infected Mushroom, among others.WEB,nn.rbc.ru/nn_topnews/05/06/2014/928867.shtml, Самая большая сцена в Европе будет построена в Нижнем Новгороде для фестиваля Alfa Future People, publisher nn.rbc.ru, 2014-06-23, https:web.archive.org/web/20140609224910nn.rbc.ru/nn_topnews/05/06/2014/928867.shtml, 9 June 2014, dead, WEB,www.kommersant.ru/doc/2497486, “Ð’ России мне никогда не бывает скучно”, 23 June 2014, // kommersant.ru, 2014-06-23, In July 2014, Alfa-Bank announced the launch of the City Tours with Alfa social project. The Bank provides financial and organisational support to the country’s best museums, as well as tour bureaus supporting the development of city tours in Russia.WEB,sia.ru/?section=484&action=show_news&id=286375, “Городские экскурсии с «Альфой”: новый социальный проект представил Альфа-Банк, 2017-12-29, In early 2021, Alfa-Bank hired the Russian rapper Morgenshtern as a “youth director”. This was preceded by the appearance of a scandalous video in which the Federal Antimonopoly Service found violations of Russian advertising law. The singer’s task was to attract 100,000 young new clients. Some experts see this venture as a reputational risk.WEB,versia.ru/kogo-ottolknyot-morgenshtern-v-kachestve-top-menedzhera-alfa-banka, Рэп в руководство, ru, 2021-03-19, versia.ru, After an administrative case was initiated against Morgenshtern in April 2021 for drug propaganda, Alfa-Bank disavowed previous messages and called them an “advertising stunt”.WEB,www.rbc.ru/society/17/04/2021/607aabf19a79471689378d83, Альфа-банк отказался считать Моргенштерна своим сотрудником, ru, 2021-04-17, RBK Group, RBC,

Technology

  • Alfa-Bank has joined forces with MasterCard to launch the production of AlfaPay wristwatches with an integrated debit bank card, based on PayPass technology. Purchases can be made without entering a PIN code or sign. The card shows its number and CVC-code to pay for online purchases.WEB,vc.ru/9124-alfapay, “Альфа-Банк” выпустил часы со встроенной банковской картой стоимостью 5 тысяч рублей, 7 July 2015, 2017-12-29,
  • Alfa-Bank has developed the Alfa-Touch app. It allows users to create a non-personalised card for one year and pay for purchases using the PayPass system.WEB,vc.ru/9337-alfa-nfc, “Альфа-банк” создал приложение для использования смартфона вместо кошелька, 16 July 2015, 2017-12-29,
  • Contactless ATMs have operated in the bank’s branches since December 2015. The installation of such ATMs was aimed primarily at improving security (preventing fraudsters from reading magnetic strip data), and also allows quicker interaction with the device.WEB,www.banki.ru/news/daytheme/?id=8536438, Контакт не нужен, 2017-12-29,
  • Alfa-Bank has cooperated with prostheses manufacturer Motorika to develop bioelectric prostheses with a special mount for a PayPass contactless payment card. This development is aimed at reducing inconveniences for people with disabilities when making purchases. To pay for a product or service, it is sufficient to place the prosthesis near the terminal and confirm the operation with a PIN code if the total exceeds 1,000 rubles. In addition, this prosthesis works with other devices equipped with contactless card readers.WEB,vc.ru/27673-alfa-bank-predstavil-protez-s-vozmozhnostyu-beskontaktnoy-oplaty, “Альфа-банк” представил протез с возможностью бесконтактной оплаты, 18 October 2017, 2017-12-29,
  • At the end of 2016, Alfa-Bank’s A-Club Private Banking topped the “Best Russian Bank for Millionaires” list compiled by Forbes. It was ranked 4th among non-state Russian banks.WEB,www.forbes.ru/rating-photogallery/327129-reiting-forbes-luchshie-rossiiskie-banki-dlya-millionerov-2016?photo=4, А-Клуб Private Banking, 2017-12-29,

Protection of business reputation

On 21 January 2014, Alfa-Bank and Mikhail Fridman filed a lawsuit for the protection of their business reputation against the chairman of the Yabloko Party, Sergei Mitrokhin, the editorial staff of the Izvestia newspaper and a correspondent from the newspaper. They considered that statements made by Mitrokhin and Izvestia that “Aleksei Navalny is carrying out political orders from the Alfa Group” did not correspond to reality and discredited their business reputation.Альфа-банк и Михаил Фридман предъявили Митрохину иск о защите деловой репутации Ведомости However, the court refused to satisfy the company’s claim against Mitrokhin.NEWS, Михайлова, Анастасия, Альфа-банк проиграл суд Митрохину по делу о финансировании Навального,www.rbc.ru/economics/26/08/2014/570421429a794760d3d40fbf, РБК, 2014-08-26,

Jones Day

In the United States, the Jones Day law firm represents numerous Russian entities, including Alfa-Bank and Alfa Group.{{sfn|Unger|2018|pp=216-217}}

Sanctions

{{See also|SWIFT ban against Russian banks|2022 Russian invasion of Ukraine}}On February 23, 2022, Russian President Vladimir Putin announced the beginning of military operations in Ukraine, launching an invasion. This prompted countries to impose severe economic sanctions on Russian individuals, companies, and banks in addition to those placed on Russia in response to the 2021-2022 Russo-Ukrainian crisis. On 24 February 2022, U.S. President Joe Biden announced sanctions on several Russian banks, including Alfa-Bank; the restrictions include “dealings in new debt of greater than 14 days maturity and new equity”.WEB, FACT SHEET: Joined by Allies and Partners, the United States Imposes Devastating Costs on Russia,www.whitehouse.gov/briefing-room/statements-releases/2022/02/24/fact-sheet-joined-by-allies-and-partners-the-united-states-imposes-devastating-costs-on-russia/, The White House, 24 February 2022, 25 February 2022, Alfa-Bank’s press service made a statement in the Russian press that these sanctions would not affect the bank’s operations.WEB,tass.ru/ekonomika/13850575, Альфа-банк сообщил об отсутствии влияния объявленных санкций на работу банка, ru, 2022-02-25, TASS, In April, Apple removed the Alfa-Bank application from its App Store. Already downloaded versions continued to work.WEB,www.banki.ru/news/lenta/?id=10964729, Приложение Альфа-Банка удалили из App Store, ru, 2022-04-15, banki.ru, In August, the “Деньги пришли” (Money Came) application appeared in the App Store, replicating the functionality of the official Alfa-Bank application, but developed by a third-party company. Other Russian banks have resorted to similar measures before, but “alternative” applications were cleared out in about a week.WEB,www.banki.ru/news/lenta/?id=10971041, Ð’ App Store появился аналог приложения Альфа-Банка, ru, 2022-08-23, banki.ru, The EU adopted sanctions in its 10th package in February 2023.WEB, EU adopts 10th package of sanctions against Russia,www.gard.no/web/news/article?p_document_id=35032041, 20 March 2023, The UK first imposed sanctions on 24 March 2022, increased in March 2023 and in December 2023 increased them again to include a prohibition on correspondent banking relationships.WEB, Financial Sanctions Notice 15/12/2023,assets.publishing.service.gov.uk/media/658057fa95bf65000d719226/Notice_Russia_151223.pdf, 15 December 2023,

See also

Notes

{{Notelist}}

References

{{reflist}}

External links

{{Privatization in Russia}}{{Authority control}}

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