New player to join Russian banking market for first time in several years

MOSCOW. July 1 (Interfax) - Element Bank LLC, which registered in Moscow this week, will join the Russian banking market, being among the first in several years, according to data from the SPARK-Interfax analytical system.

Vadim Logofet, known for his work at Sberbank CIB and the Quadra energy company, is the sole founder, and is now a managing partner at the Gardiner Resources consulting firm. The LLC's charter capital is 3.6 billion rubles, rendering it eligible for a universal license. The current minimum is 1 billion rubles, though the Central Bank of Russia plans to increase this to 3 billion rubles within a few years.

Olga Yudakova, formerly responsible for risks at Credit Bank of Moscow (MKB) , is listed as the management board chairperson.

Element Bank has already appeared on the list of credit institutions on the Central Bank's website as registration number 3574, though there is no information on its license type.