Business owner Igor Kim has officially established Pichta Bank.
Ch-Ch-Changes at Pine Bank, Ex-Volkswagen Bank Russia:
In a twist of events, the previous Volkswagen Bank Russia, a familiar name in the automotive industry, has rebranded itself as Pine Bank. This shakeup comes after entrepreneur Igor Kim, co-owner of Eximbank, gained control of the structure, as reported by Sostav. Back in February, Kim grabbed 45% of the bank's shares and an additional 55% through his controlled company, ExpoMobility.
Established in 2010 as Volkswagen's financial branch, the bank had a knack for auto loans and boasted assets valued at around 24 billion rubles and a capital of 23.6 billion rubles as of 2024. Despite the name change, existing contracts with the bank won't need re-registration. The change in name doesn't alter the contractual rights and obligations, according to Pine Bank's official statement.
Igor Kim, a notable figure known for acquiring large assets from departing foreign companies, recently added the Russian subsidiaries of Volvo to his portfolio. This included leasing subsidiary Stockholm Construction LLC, four service platforms, and the Volvo Trucks plant in Kaluga.
In 2023-2024, Kim and his partners bought Volkswagen's leasing and factoring subsidiaries in Russia. They also grabbed LLC HSBC Bank (RU), the Russian subsidiary of the prominent British banking group HSBC, and renamed it Spruce Bank.
Last week, Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, hinted at a "secret meeting" with European businessmen, including representatives from the financial sector. He shared that foreign financiers expressed keen interest in the Russian market. While he didn't name the personalities, he suggested that if Russia-West relations improve, foreign business representatives might return to the Russian market.
The search results lack direct information on an individual named Igor Kim related to significant acquisitions in Russia. Other figures with similar names but distinct roles include Tatiana Kim (née Bakalchuk), founder of Wildberries, Russia's largest e-commerce platform, and Igor Shuvalov, a Putin ally who heads VEB.RF, a state-owned development bank. State-aligned takeovers such as Avito, Yandex, and Ozon's transition to Kremlin-linked investors and Wildberries' ownership restructuring are notable in the Russian market, but no "Igor Kim" is associated with these transactions. The confusion could stem from similar names or incomplete information. In automotive and banking sectors, Rosselkhozbank's acquisition of Avito's 50% represents a significant state-backed move into digital marketplaces.
- I'm not sure if the individual referred to as Igor Kim in the text is the same Igor Kim who is associated with significant acquisitions in Russia, as there seems to be confusion due to similar names or incomplete information.
- The rebranding of Volkswagen Bank Russia to Pine Bank may have been influenced by Igor Kim, who bought a majority stake in the bank through his controlled company, ExpoMobility.
- The name change from Volkswagen Bank Russia to Pine Bank does not affect the contractual rights and obligations of existing contracts with the bank.
- The aerospace, banking, and business industries are showing interest in the Russian market, with Anatoly Aksakov revealing that foreign financiers have expressed keen interest recently.
- Interestingly, Igor Kim has not been directly linked to the state-backed acquisitions of Avito, Yandex, Ozon, or Wildberries in the Russian market, despite multiple figures with similar names being involved in various industries like e-commerce and the banking sector.
