UniCredit Bank Russia
A Russian commercial bank wholly owned by Italy-based UniCredit S.p.A.
Last updated October 17, 2026
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Overview
UniCredit Bank Russia, legally known as AO UniCredit Bank, is a Moscow-headquartered commercial bank and a wholly owned subsidiary of UniCredit S.p.A. The institution was established in October 1989 as International Moscow Bank, commonly abbreviated as IMB. It was created during the final period of the Soviet Union with capital support from Vnesheconombank and was structured around a partnership between Soviet state-owned banks and international financial institutions. This made it the first majority-foreign-owned bank in the Soviet Union. The original shareholder group combined three Soviet state banks—Vnesheconombank, Promstroybank and Sberbank—with five foreign banks: Bayerische Vereinsbank, Creditanstalt-Bankverein, Banca Commerciale Italiana, Credit Lyonnais and Kansallis-Osake-Pankki. The bank initially concentrated on serving larger Russian companies and facilitating internationally oriented banking activity. During the 1990s and the early 2000s, it broadened its customer base to include smaller businesses and individual clients, while developing lending, corporate banking and other general banking services. A major stage in the bank's ownership history came in 2001, when IMB merged with the Russian subsidiary of Bank Austria. Bank Austria was subsequently connected to the expanding HypoVereinsbank group, which by then was controlled by UniCredit. By 2006, HypoVereinsbank held approximately 53 percent of IMB's equity, while Nordea, BCEN-Eurobank and the European Bank for Reconstruction and Development held the remaining shares. In 2007, a series of transactions culminated in Bank Austria obtaining full ownership after acquiring the EBRD's remaining stake. The bank continued to operate under Bank Austria as its direct parent until September 2016, when ownership was transferred directly to UniCredit S.p.A. The institution has operated as a universal bank, with particular emphasis on corporate customers, corporate finance, treasury operations and lending to small and medium-sized enterprises. Retail banking has been part of its offering but has historically developed less aggressively than its corporate business. Its general banking licence is identified as licence No. 1. Reported operations in the early 2010s included a substantial branch network, a representative office in Belarus, individual customers and corporate clients, although those figures describe a historical operating period rather than the bank's current scale. The bank has also participated in infrastructure and distribution changes within Russia's banking sector. In May 2013, its ATM network was combined with the Raiffeisenbank network, allowing customers of the participating banks to use a broader shared ATM infrastructure. In 2014, the legal entity was registered as AO UniCredit Bank, aligning its formal Russian name with the UniCredit brand. In March 2019, Forbes experts ranked UniCredit Bank first in a Russian assessment of bank reliability, ahead of 99 other institutions, including Raiffeisenbank. The brand represents UniCredit's Russian banking presence rather than a separately listed public company. Its historical identity combines an early post-Soviet and international banking foundation with the systems, ownership and brand architecture of the broader UniCredit Group. Publicly available reference material emphasizes its Russian corporate and private-client banking activities, SME lending, corporate finance and treasury services; detailed current financial, executive and branch information is not established in the supplied sources.
History
UniCredit Bank Russia traces its origins to International Moscow Bank, established in October 1989. The bank was created at the end of the Soviet period with the intention that a new institution backed by foreign-currency reserves could eventually help replace or supplement the troubled Vnesheconombank. Its founding capital came from a mixed shareholder group. Vnesheconombank held 20 percent, Promstroybank 10 percent and Sberbank 10 percent, giving Soviet state-owned banks a combined 40 percent. The remaining 60 percent was held by Bayerische Vereinsbank, Creditanstalt-Bankverein, Banca Commerciale Italiana, Credit Lyonnais and Kansallis-Osake-Pankki. This structure made IMB the first majority-foreign-owned bank in the Soviet Union. During the 1990s and the first years of the twenty-first century, IMB developed from an internationally oriented corporate institution into a broader commercial bank. It initially focused on lending and banking services for large Russian companies, then expanded into services for smaller firms and retail customers. The bank's subsequent business model retained a strong corporate orientation, encompassing corporate lending, corporate finance, treasury activities and services for small and medium-sized enterprises. In 2001, IMB merged with the Russian subsidiary of Bank Austria. The transaction linked the Russian institution more closely to the Central European banking networks that later formed part of the UniCredit group. By 2006, HypoVereinsbank, which was controlled by UniCredit, held about 53 percent of IMB's equity. Nordea held approximately 26 percent, BCEN-Eurobank 16 percent and the EBRD 5 percent. In 2007, Bank Austria acquired the EBRD's remaining interest after a sequence of transactions and became the direct owner of the Russian bank. Bank Austria remained the direct parent for several years. In September 2016, the stake was transferred from Bank Austria to direct ownership by UniCredit S.p.A., making the Russian entity more directly part of the Italian banking group's international structure. The bank continued operating under the UniCredit identity while retaining its Russian legal and operating presence. The institution expanded and maintained a nationwide banking infrastructure during the period described in the available reference material. In spring 2011, it reportedly operated 106 branches in Russia and a representative office in Belarus, with more than 985,000 individual customers and over 22,600 corporate customers. Those figures are historical and are not presented here as current operating data. At the same time, the bank held a 2.18 percent share of Russia's lending market and a 1.36 percent share of the deposit market in 2010, according to the cited reference material. Distribution cooperation became part of the bank's operating strategy in May 2013, when its ATM network was combined with Raiffeisenbank's network. In 2014, the legal entity was registered as AO UniCredit Bank. The bank's general banking licence is identified as licence No. 1. Its public profile has generally emphasized corporate and private-client banking, with comparatively less active development of mass retail services. In March 2019, Forbes experts ranked UniCredit Bank first in a Russian reliability list that included 100 banks. The ranking placed it ahead of Raiffeisenbank and other major institutions. The supplied historical sources do not provide enough verified information to describe later ownership changes, current executives, current branch numbers, or present financial performance. Accordingly, the bank's documented history is best understood as the evolution of an internationally founded Soviet-era bank into UniCredit's Russian banking subsidiary.
- 2019
Top position in Forbes reliability ranking
[1]Forbes experts rank UniCredit Bank first in a Russian reliability assessment covering 100 banks.
- 2016
Direct ownership transferred to UniCredit
[1]Ownership moves from Bank Austria to direct ownership by UniCredit S.p.A.
- 2014
Registration as AO UniCredit Bank
[1]The legal entity adopts the AO UniCredit Bank name.
- 2013
ATM network cooperation with Raiffeisenbank
[1]The bank's ATM network is combined with Raiffeisenbank's network.
- 2007
Bank Austria obtains full ownership
[1]Following a series of transactions, Bank Austria acquires the EBRD's remaining interest and becomes the full owner of IMB.
- 2001
Merger with Bank Austria's Russian subsidiary
[1]IMB merges with the Russian subsidiary of Bank Austria, strengthening its connection to the banking group that would become part of UniCredit.
- 1989
International Moscow Bank is founded
[1]International Moscow Bank is established in October with a majority of its equity held by international banks, making it the first majority-foreign-owned bank in the Soviet Union.
Products and positioning
A Russia-focused universal bank within the UniCredit Group, with a historically stronger emphasis on corporate customers, SME lending, corporate finance and treasury services than on mass-market retail banking.
Banking service
Corporate banking
Corporate banking has historically been the bank's central business area. Services described in the available sources include lending and broader banking support for Russian companies, with the customer base expanding from larger enterprises to smaller firms and medium-sized businesses during the 1990s and early 2000s.
Business lending
SME lending
Lending to small and medium-sized enterprises is identified as a principal focus of the bank. It forms part of the institution's corporate-oriented model and complements services for larger companies, corporate finance customers and other business clients.
Consumer banking
Retail banking
The bank serves private individuals through retail banking services, including deposit-related and general banking activities. The reference material characterizes retail development as less active than the bank's corporate business, so retail banking is best viewed as an established but secondary part of its historical positioning.
Financial advisory and finance
Corporate finance
Corporate finance is listed among the bank's specialist activities. The available sources do not specify individual products or mandates, but the category indicates services designed for corporate funding and financial transactions.
Treasury and markets
Treasury operations
Treasury operations form another stated area of specialization. The supplied material does not provide a detailed product catalogue, so this entry is limited to the bank's documented treasury function rather than attributing specific trading or risk-management products.
Investment banking
Investment banking
Investment banking is listed among the full range of banking services offered by the Russian subsidiary of UniCredit Group.
Brand decisions
2016
Transfer to direct UniCredit ownershipM&ABackground
Bank Austria had been the Russian bank's direct parent since obtaining full ownership in 2007.
Action taken
The ownership stake was transferred from Bank Austria to direct ownership by UniCredit S.p.A.
Aftermath
The Russian bank became more directly aligned with UniCredit's group ownership structure.
2013
Shared ATM infrastructure with RaiffeisenbankStrategyBackground
The bank sought to broaden customer access to cash machines through network cooperation.
Action taken
UniCredit Bank Russia combined its ATM network with the Raiffeisenbank ATM network.
Aftermath
The arrangement expanded the shared ATM infrastructure available to customers of the participating banks.
2007
Consolidation under Bank Austria ownershipM&ABackground
IMB had a mixed shareholder structure involving HypoVereinsbank, Nordea, BCEN-Eurobank and the EBRD.
Action taken
Bank Austria acquired the EBRD's remaining stake after a sequence of ownership transactions and obtained full ownership of the Russian bank.
Aftermath
The bank operated as a wholly owned Bank Austria subsidiary until its later transfer to direct UniCredit ownership.
Recent events
- 2019
UniCredit Bank ranks first in a Forbes reliability assessment[1]
Other
Forbes experts placed UniCredit Bank at the top of a Russian ranking of bank reliability, ahead of 99 other banks.
- 2014
The bank adopts the AO UniCredit Bank legal name[1]
Other
The Russian banking entity was registered as AO UniCredit Bank, replacing the International Moscow Bank identity used since its establishment.
- 2013
UniCredit and Raiffeisenbank combine ATM networks[1]
Other
The bank's ATM network was merged with the Raiffeisenbank ATM network, expanding shared access to cash machines for customers of the participating institutions.
- 2007
UniCredit-related ownership reaches full control of IMB[1]
M&A
After a series of ownership transactions, Bank Austria acquired the European Bank for Reconstruction and Development's remaining stake and obtained full ownership of IMB.
- 2001
IMB merges with Bank Austria's Russian subsidiary[1]
M&A
International Moscow Bank merged with the Russian subsidiary of Bank Austria, an important step in the bank's later integration into the UniCredit ownership structure.
- 1989
International Moscow Bank is established as a Soviet-era majority-foreign-owned bank[1]
Other
International Moscow Bank was founded in October 1989 with participation from three Soviet state-owned banks and five international banks. Its ownership structure made it the first majority-foreign-owned bank in the Soviet Union.
Sources1 sources
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