Novikombank

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JSCB "NOVIKOMBANK"

Company type	Joint-Stock Commercial Bank
Founded	1993; 31 years ago (1993)
Headquarters	Moscow, Russia
Key people	Georgieva Elena Aleksandrovna (President)
Owner	Rostec
Rating	B2 (Moody's), B− (Fitch) (2017)[1]
Website	novikom.ru

Novikombank is a Russian bank specializing in financing of enterprises in the heavy-machinery, automotive, high-tech, oil and gas industry. Novikombank is ranked among the top 40 largest Russian banks. Member of the deposit insurance system.^[2]

Ownership

As on 15 February 2016, Novikombank is 57,68% owned by Rostec.^[3]

Subsidiaries and associated companies

According to the decision of the Bank of Russia Board of Directors in April 2015, Novikombank participates in the financial rehabilitation of OJSC FundServiceBank.^[4]

In September 2021, the analytical credit rating agency ACRA upgraded Novikombank's credit rating to A+(RU) (outlook stable).^[5]

Activities

Novikombank is one of the banks authorized to work under the state defence order.^[6]

"Banking Business" prize winner.^[7]

"Most Export Oriented Russian Bank" prize winner in the "Exporter of the Year 2014" competition.^[8]

Recapitalization of Novikombank though Federal Loan Obligations (PFZ) in July 2015.^[9]

At the end of 2022, Novikombank received a record profit of 19.4 billion rubles. It was decided to allocate 4.9 billion rubles for the payment of dividends.^[10]

Sanctions

Sanctioned by New Zealand in relation to the

On 24 February 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Novikombank under E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy. Subsidiary companies were also sanctioned.[12] Sanctioned by the US Department of the Treasury.^[13]

In December 2023 the United Kingdom subjected the bank to additional sanctions, including a prohibition on correspondent banking relationships on top of an asset freeze.^[14]

References