Bank ZENIT
Bank ZENIT was established in December 1994 by the Academy of National Economy under the Government of the Russian Federation, Tatneft Oil Company and a group of other legal entities. Mr Alexey A. Sokolov, one of the Bank's founders, was Chairman of the Bank's Board of Directors from 2005 to 2015. In May 2015, Mr Nail U. Maganov, Chairman of the Management Board, OJSC Tatneft named after V.D. Shashin, was elected Chairman of the Bank's Board of Directors. In May 2020, Mr Alexander S. Tishchenko was appointed Chairman of the Bank's Management Board.
Bank ZENIT’s top priority is provision of a full range of services to corporate and retail clients. Bank ZENIT actively provides and promotes retail services, including mortgage loans, consumer and car loans, deposits, debit and credit cards, safe deposit boxes, etc. Corporate services include cash and settlement services, lending, acquiring, payroll projects, etc. In addition, the Bank holds a strong position in the investment banking and private banking sectors.
Bank ZENIT holds the following ratings from international ratings agencies: B1/Stable (from Moody's), BB/Stable (from Fitch) and ruA-/Stable (from Expert RA). The Bank serves as a parent bank of a banking group, with four other banks currently operating under the brand name.
As an active player in the debt finance market, Bank ZENIT has successfully implemented projects to raise ten syndicated loans in the international market, placed two Eurobond issues (the debut and second issues were redeemed in 2006 and 2009 respectively) and 26 issues of the Bank's ruble-denominated bonds (including two additional issues as part of the previously issued bonds). Today Bank ZENIT has one classic issue of bonds and four exchange-traded bonds in circulation.
In 2017, the Bank arranged four bond issues totaling RUR 18.5 Bn. for the issuers operating largely in the financial sector. The Bank’s active presence in the debt finance market was reflected in its rankings from Cbonds.ru for ruble-denominated bonds. In 2017, the Cbonds.ru agency awarded Bank ZENIT the following rankings:
- 10th in the Arranger League Table for corporate bonds of financial institutions and banks by volume (market issues);
- 13th in the Arranger Leagues Table by volume (market issues).
Bank ZENIT, as a member of the Association of Russian Banks, actively participates in the reforms underway in the Russian banking sector.
Bank ZENIT carries out charitable support and sponsorship of several sports, including ice hockey, rugby, rafting, sporting and car racing.
About ZENIT Banking Group
ZENIT Banking Group was established in 2005 following the acquisition of a controlling stake in JSB Devon-Credit by Bank ZENIT. In 2007, the Banking Group acquired Lipetskkombank and Sochigazprombank (later renamed Bank ZENIT Sochi). Spiritbank (the city of Tula) joined the Group in December 2008.
According to the consolidated financial statements of the Banking Group for 2018, prepared in accordance with IFRS, capital calculated in compliance with the requirements of the Basel Committee amounted to RUR 33.9 Bn; assets amounted to RUR 255.7 Bn.
ZENIT Banking Group has a presence in 27 Russian regions. Its proprietary sales network has 165 branches.
The Group offers a wide range of banking services: comprehensive services for corporate clients, retail banking, investment banking and interbank services.
- Bank Cards
- Deposits and Investments
- Cash Loans
- Mortgages
- Loan Restructuring
- Service Packages
- Safe Deposit Boxes
- Private Banking
- Remote Customer Services
- Insurance
Ratings
from the leading international
and national rating agencies
Investor
Relations![]()
2021
2020
2019
2018
2017
2016
2015
| Event | Address | Date |
|---|---|---|
| Kesko Capital Markets Day 2018, Helsinki | Handelsbanken’s Nordic Mid/Small Cap Seminar, Stockholm | 24.05.2018 |
| Year 2018 3-month interim report | Handelsbanken’s Nordic Mid/Small | 24.05.2018 |
| Kesko Capital Markets Day 2018, Helsinki | Handelsbanken’s Nordic Mid/Small Cap Seminar, Stockholm | 24.05.2018 |
| Kesko Capital Markets Day 2018, Helsinki | Handelsbanken’s Nordic Mid/Small Cap Seminar, Stockholm | 24.05.2018 |
ZENIT Banking Group has published its interim condensed consolidated financial information prepared in accordance with International Financial Reporting Standards for the three-month period ended 31 March 2019 and Report on review of interim condensed consolidated financial information issued by an independent auditor.
ZENIT Banking Group reported a positive financial result of 534 million rubles for the three-month period ended 31 March 2019, up by 46% quarter on quarter. During the first quarter of 2019, net operating income grew by 29.5% quarter on quarter, up to 2,954 million rubles.
This positive financial result was mainly driven by increase in net fee and commission income (up by 29.2% quarter on quarter) and reduced provision charges (from the beginning of 2019, expected credit losses decreased by 725 million rubles).
The Group remains focused on reducing its reliance on finance raised in the debt capital markets. A portion of funds raised by the issue of debt securities in total liabilities decreased to only 3.2% as of March 31, 2019.
The Group continued its efforts to improve the quality of its loan portfolio. A portion of Stage 2 and Stage 3 loans under IFRS 9 in the total loan portfolio decreased to 6.9% (January 1, 2019: 8.0%), the ratio of such loans to capital was 41.3% (at the beginning of 2019: 54%).
ZENIT Banking Group maintains high capital adequacy ratios. The total capital adequacy ratio and Tier 1 capital adequacy ratio calculated in accordance with the requirements of the Basel Accord were 17.0% and 11.2% respectively (compared to the statutory capital adequacy ratios of 8.0% and 6.0% respectively).
Bank ZENIT’s credit ratings
In December 2018, RAEX Rating Agency (Expert RA) affirmed Bank ZENIT’s credit rating of 'ruА-'. The outlook is stable.
On 20 February 2018, Moody’s Investors Service affirmed the bank’s 'Ba3' long-term foreign-currency deposit rating and changed to positive from negative the outlook on this rating.
In December 2018, Fitch Ratings affirmed long-term foreign-currency issuer default rating at 'BB' with a stable outlook.
ZENIT Banking Group has published its interim condensed consolidated financial information prepared in accordance with International Financial Reporting Standards for the nine-month period ended 30 September 2018 and Report on review of interim condensed consolidated financial information issued by an independent auditor.
ZENIT Banking Group reported a positive financial result of 703 million rubles for the nine-month period ended 30 September 2018. During the nine months ended 30 September 2018, net operating income grew by 11.4% year-on-year, up to 7,195 million rubles.
This positive financial result was mainly driven by a 3.5% increase in net interest income, despite the continued overall decrease in market rates and reduced provision charges (an overall decrease in all items reflecting the change in the credit risk from financial instruments was 263 million rubles or 12%).
During the ninth-month period ended 30 September 2018, the Group’s annualized net interest margin (NIM) grew to 3.7%, up from 3.4% in 2017, driven by a relatively cheap funding base and improved profitability of operations.
The Group remains focused on reducing its reliance on finance raised in the debt capital markets. A portion of funds in total liabilities raised by the issue of debt securities fell to 3.7% as at September 30, 2018, compared to 7.5% as at December 31, 2017.
The Group continued its efforts taken in 2017 to improve the quality of its loan portfolio, which enabled it to retain cost of risk (COR) at 2017 levels (1.8% during the nine-month period ended 30 September 2018 compared to 2% in 2017). A portion of Stage 2 and Stage 3 loans under IFRS 9 in the total loan portfolio decreased to 15% (January 1, 2018: 29%), the ratio of such loans to capital was 101% (at the beginning of 2018: 198%).
The Group has significantly grown its liabilities due to increases in customer accounts (a growth by 7.6% during the ninth-month period ended 30 September 2018).
ZENIT Banking Group maintains high capital adequacy ratios. The total capital adequacy ratio and Tier 1 capital adequacy ratio calculated in accordance with the requirements of the Basel Accord were 15.0% and 9.9% respectively (compared to the statutory capital adequacy ratios of 8.0% and 6.0% respectively).
Return on equity (ROE) was 3.8% during the nine-month period ended 30 September 2018; meanwhile, all key indicators remained in line with or above the targeted levels set out in the Three-Year Strategy.
Bank ZENIT’s credit ratings
In December 2017, RAEX Rating Agency (Expert RA) assigned to Bank ZENIT a credit rating of 'ruА-'. The outlook is stable.
On 20 February 2018, Moody’s Investors Service affirmed the Bank’s 'Ba3' long-term foreign-currency deposit rating and changed to positive from negative the outlook on this rating.
In December 2017, Fitch Ratings affirmed long-term foreign-currency issuer default rating at 'BB' with a stable outlook.
ZENIT Banking Group has published its interim condensed consolidated financial information prepared in accordance with International Financial Reporting Standards for the six months ended 30 June 2018 and Report on review of interim condensed consolidated financial information issued by an independent auditor.
ZENIT Banking Group reported a positive financial result of 618 million rubles for the six months ended 30 June 2018 (during six months ended 30 June 2017: 645 million rubles). Net operating income grew by 9.6% year-on-year during six months ended 30 December 2018.
This positive financial result was mainly driven by a 10% increase in net interest income, despite the continued overall decrease in market rates (4.5 billion rubles during the six months ended 30 June 2018 compared to 4.1 billion rubles in the six months ended 30 June 2017).
During six months ended 30 June 2018, the Group’s annualized net interest margin (NIM) grew by 3.8%, up from 3.4% in 2017, driven by a cheaper funding base and improved profitability of operations.
The Group remains focused on reducing its reliance on finance raised in the debt capital markets. A portion of funds in total liabilities raised by the issue of debt securities fell to 5.5% as at June 30, 2018, compared to 7.5% as at December 31, 2017.
The Group continued its efforts taken in 2017 to improve the quality of the loan portfolio, which enabled it to retain cost of risk (COR) at 2017 levels (1.9% during six months ended 30 June 2018 compared to 2% in 2017). Provisions for impairment of NPL90+ remain at a high level (239%, which is significantly higher than the market average). A portion of Stage 3 loans under IFRS 9 in the total loan portfolio remained at the levels of the first quarter of 2018.
The Group has significantly grown its liabilities due to increases in customer accounts (a growth by 8 billion rubles, or up by 4.7% during six months ended 30 June 2018).
ZENIT Banking Group maintains high capital adequacy ratios. Total capital ratio and Tier 1 capital adequacy ratio calculated in accordance with the Basel accord were 14.6% and 9.7% respectively (compared to the statutory capital adequacy ratios of 8.0% and 6.0% respectively).
Return on equity (ROE) was 5.0% during six months ended 30 June 2018; meanwhile, all key indicators remained in line with or above the targeted levels set out in the Three-Year Strategy.
Bank ZENIT’s credit ratings
In December 2017, RAEX Rating Agency (Expert RA) assigned to Bank ZENIT a credit rating of 'ruА-'. The outlook is stable.
On 20 February 2018, Moody’s Investors Service affirmed the Bank’s 'Ba3' long-term foreign-currency deposit rating and changed to positive from negative the outlook on this rating.
In December 2017, Fitch Ratings affirmed long-term foreign-currency issuer default rating at 'BB' with a stable outlook.
In 2017 net loss of ZENIT Group declined by 8 times in comparison with 2016. Pursuant to established 3-year development strategy in February 2018, since the beginning of 2018 ZENIT Banking Group expects positive financial results.
Corporate
Governance![]()
The Management Board is the Bank's collegial executive body that rules the Bank's daily operations. The Bank's Management Board is comprised of the Management Board Chairman, his deputies and other Board members.
In 2011, Mr Tishchenko received his MBA from London Business School.
Mr Tishchenko began his career with audit firm ZAO Deloitte & Touche CIS in 2002, and later held an executive position with Efremov-Kautschuk GmbH in 2004-2006.
Since 2006, Mr Tishchenko has held various positions with PJSC TATNEFT and provided oversight to strategic projects.
In March 2018, he was appointed Senior Vice President of Bank ZENIT; since September 2019, he has served as the Bank’s Chief Managing Director.
On 15 May 2020, Mr Tishchenko was elected Chairman of Bank ZENIT’s Management Board.
Born in 1982
Graduated from Moscow State Linguistic University with a degree in law.
Mr Khorokhordin worked with an international law firm (Noerr, Hogan & Hartson), a consulting company (PwC), and the holding company of Severgroup / Severstal-Management.
In February 2018, Alexey joined the bank’s executive management as Senior Vice President. In July 2020, based on a decision of the Board of Directors, he was elected a member of the Management Board, Bank ZENIT and appointed First Deputy Chairman of the Management Board, PJSC Bank ZENIT.
Born in 1971
Mr Kulakovkin has two degrees in Economics and Engineering. In 1994, Mr Kulakovkin graduated from Moscow State Institute of Aviation (Technical University) with a degree in Mechanical Engineering, and Moscow Institute of Economics and Finance with a degree in Economics in 2004.
Mr Kulakovkin began his career with Salyut Design Bureau, a branch of Khrunichev State Research and Production Space Center, and PROMRADTEKHBANK.
In 2000, Sergey joined Bank ZENIT as head of Corporate Banking. In July 2020, he became a member of the Management Board of Bank ZENIT and was elected Deputy Chairman of the Management Board, PJSC Bank ZENIT.
Born in 1978
Graduated from the Financial Academy under the Government of the Russian Federation.
Natalia has more than 20 years of experience in finance. Mrs Tutova worked at the European Bank for Reconstruction and Development, Small Business Initiative, CJSC Banca Intesa, AMRO Bank, was head of Risk Department at Toyota Bank, oversaw the risk management framework as Deputy Chair of the Management Board, PJSC BANK URALSIB.
In February 2019, Natalia joined the team of Bank ZENIT as head of Risk Department and has been Chief Risk Officer of Bank ZENIT since August 2019.
In September 2020, based on a resolution of the Board of Directors, Natalia was elected a member of the Management Board, Bank ZENIT, and appointed Deputy Chair of the Management Board of Bank ZENIT.
The Board of Directors of PJSC Bank ZENIT exercises overall direction of the Bank's operations, except for the matters within the competence of the General Meeting. The Board of Directors' role includes issues enumerated in the Federal Law «On Joint-Stock Companies» and the Bank's Charter.
Based on the requirements, which must be satisfied to qualify a joint-stock company’s securities for inclusion in the quotation lists of Russian Stock Exchanges (Clause 13.3 of the Charter), Bank ZENIT’s Board of Directors includes the following independent directors: Mr N. Karpenko, Mr M. Piletsky, Mrs I. Terek and Mr G. Finkelstein
Member of the Board of Directors of Bank ZENIT.
In 1996, Mr Karpenko graduated from the Military University of the Ministry of Defense of the Russian Federation. In 2003, Nikolay received his PhD degree from Lomonosov Moscow State University.
In 2010, Mr Karpenko graduated from London Business School and holds Dubai-London Executive MBA. Nikolay is also a full member of the Society of Trust and Estate Practitioners (STEP).
Between 1996 and 2010, Mr Karpenko worked at Bank URALSIB, Moscow, to progress from the position of a lawyer to Chief Managing Officer for Private Banking.
Since 2010, Mr Karpenko is Vice President of the Herculis Group, Switzerland.
Independent Member of the Board of Directors of PJSC Bank ZENIT.
In 1988, Mr Piletsky graduated from Czech Technical University with a degree in Microelectronics.
Between 2013 and 2019, Mr Piletsky held a position of IT Director and was a member of the Management Board at the Alfa-Bank Group.
Independent Member of the Board of Directors of PJSC Bank ZENIT.
In 1999, Mr Rakhmatullin graduated from the Kazan Institute of Economics and Finance with a degree in Accounting and Audit.
Since 2006, Mr Rakhmatullin has held an executive position with PJSC TATNEFT.
Member of PJSC Bank ZENIT’s Board of Directors.
Member of the Board of Directors, PJSC Bank ZENIT.
On 15 May 2020, Mr Tishchenko was elected Chairman of Bank ZENIT’s Management Board.
Member of PJSC Bank ZENIT Board of Directors
Between 1993 and November 2019, Mrs Tleulieva worked as Head of Retail Savings and Deposits and Head of Retail Banking Department at JSB Devon-Credit (PJSC); she is now Head of Neftyanik Office, PJSC Bank ZENIT.
Member of PJSC Bank ZENIT Board of Directors
Partner at ECOPSY Consulting, JSC.
Independent Director of PJSC Bank ZENIT’ Board of Directors.