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 Absolut Bank was established in 1993, mainly as a corporate bank, and held by five Russian entrepreneurs who now own 92.5% of the banks capital. The remainder of the shares are held by the International Finance Corporation (IFC), part of the World Bank Group.
Absolut Bank is a mid-sized, independent, universal bank headquartered in Moscow, with total assets of ?1.8 billion (FY 2006) and total equity of around ?200 million in Q1 2007. It has more than 1600 employees and 39 branches/outlets. KBC intends to keep the current key management in place. The bank focuses principally on Western Russia, including the capital cities of Moscow and St. Petersburg. Over the past few years, it has developed into a universal bank, focusing increasingly on retail banking. The Bank is also active in asset management, capital markets and leasing through two dedicated subsidiaries (Absolut Leasing and Leasing Company Absolut).
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