[1][2][3] Rossiysky Kredit was established as a mutual bank in 1991 by ex-Prime Minister of Georgia, billionaire Bidzina Ivanishvili and his partner, former Russian Federation Council member Vitaly Malkin.
Because of the 1998 Russian financial crisis, Rossiysky Kredit became insolvent and lost much of its deposits.
In 2011, Rossiysky Kredit became part of the Russian bank deposit insurance system.
In 2012, Bidzina Ivanishvili sold 99.61% of shares in the bank to a group of investors headed by Anatoly Motylev.
Examinations carried out on the eve of the Central Bank's license revocation found that the bank's funds were applied in the interests of owners and related companies, and that more than half of the loan portfolio consisted of doubtful debts.