Uralsib

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Uralsib (Russian: ПАО «Банк Уралсиб») is a Russian commercial bank, headquartered in Moscow. According to Russian Forbes, as of 2022, it was one of the country's largest banks with the net asset value of approximately 530 billion rubles. Uralsib is a successor company to Bashcreditbank (since 2001, known as Ural-Siberian Bank) founded in 1993 by Bashkortostan's government. The bank was created by merging Ural-Siberian Bank and Avtobank-NIKoil in 2005. The latter was Nikolai Tsvetkov's company closely affiliated to LUKoil. In 2013, it employed 19,342 people. Uralsib is said to have been "roiled by mismanagement", with its founder Tsvetkov agreeing to step down in 2015 in return for a bailout, as the bank was on the verge of bankruptcy and having its banking license revoked. During his time as chairman Tsvetkov became known for his application of New Age philosophy to company management, which included requiring all employees to read books by a self-help guru and holding spiritual seminars to determine promotions. An 82% stake in Uralsib was sold to Vladimir Kogan in November 2015 to avoid bankruptcy. As part of a rescue plan, Russia's Deposit Insurance Agency also agreed to a $224 million rescue package for the bank. In 2016 Uralsib was ranked as the second least reliable bank in the country by the Russian version of Forbes. In June 2017 Moody's raised the credit rating of Uralsib from Caa1 to B3, reflecting the bank's return to operational profitability. After the death of Vladimir Kogan in 2019, his shares were inherited by a widow, Lyudmila Kogan. The supervisory board of Uralsib is headed by the eldest son of Vladimir Kogan Yevgeny Kogan. At the end of 2019, the bank reported a net profit of 12.8 billion rubles (approx $170 million) and an increase in capital to 94.3 billion rubles (approx...