Investment Bank of Kuban will continue to operate under its new corporate name of CDB Bank JSC. The bank's renaming was fixed last week in the Unified State Register of Legal Entities, although this has not yet been reflected on the bank's website and that of the Bank of Russia.
Thus, the Krasnodar-based lender "adapted" its official corporate name to its commercial name (CDB Bank). The latter is based on the abbreviated English name of the bank's foreign parent company (Cyprus Development Bank).
To remind, Investment Bank of Kuban was established as part of an inter-government agreement between the Russian Federation and Cyprus that was signed in 1992. The agreement provided for establishing in Russian territory a bank that would contribute to the development of the real sectors of the economy. Initially, the bank's shareholders were to be Cyprus Development Bank and several Russian banks, but after economic crises of 1993 and 1998 the Cypriot bank began to consider the possibility of allowing a foreign bank to take part in the project as another shareholder. The European Bank for Reconstruction and Development (EBRD) became such a partner.
Since Investment Bank of Kuban's foundation (the bank was registered in April and obtained a CBR license in September 1999) through February 2008 Cyprus Development Bank held a 75% interest in the Russian bank, and the rest was owned by the EBRD.
At present, the sole shareholder of the Krasnodar-based lender is Cyprus Development Bank. Notably, there are Russians among the bank's numerous beneficial owners. Specifically, the "substantial influence" on the Russian bank's operation, as the Bank of Russia states based on the IFRS criteria, is produced by Alexei Kulikov and Oleg Belousov who hold, on an equal footing, a stake of slightly above 45% in Cyprus Development Bank. In line with the Banki.ru note, in due course of time Kulikov and Belousov were shareholders of Promsberbank (the license of which was revoked in April 2015).
As of October 1, 2015 Investment Bank of Kuban was ranked 644th among all Russian banks in terms of assets, the Banki.ru ranking shows. During the year (since October 1, 2014) the bank advanced in the ranking by 49 points upward, although the bank's assets decreased from Rub 981 mln to Rub 949 mln.
Last year the bank posted modest profit of Rub 10.3 mln, while 2014 was a year of losses for its parent company (net loss after taxes equaled €2.8 mln). In the January — September period of 2015 the Russian bank posted a loss of Rub 32.5 mln.
Apart from the head office in Krasnodar, the bank operates a representative office in Moscow and an additional office in Sochi.
