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VUZ Bank

The idea of creating a commercial bank was born in 1990 and belonged to two assistant professors of the Department of Finance, Money Circulation and Credit of the Sverdlovsk Institute of National Economy. The idea of establishing the bank was supported by the management of Sverdlovsk Institute of National Economy: Rector V.M. Kamyshov, Vice-Rector A.T. Tertyshny and Dean of the Faculty of Finance A.Y. Kazak. Thus, on September 5, 1991 VUZ-Bank was issued a banking license by the Central Bank of Russia. In accordance with the first license, the Bank started performing ruble-denominated operations with legal entities and individuals. The bank's registered capital was contributed on a share basis and at the time of its opening amounted to one million roubles. The main founders of VUZ-Bank were universities of the city, as well as some industrial enterprises of the region and commercial banks.
According to the results of 2008, VUZ-Bank became the winner of the contest "The Best Innovative Enterprise", organized by the Sverdlovsk Regional Public Foundation "Innovative Technologies". VUZ-Bank became the best enterprise due to its constant introduction of new projects, methods and technologies. The management model of the financial and credit institution is also innovative. VUZ-Bank OJSC, as well as other participants of Life Group, applies a management system based on the Balanced Scorecard (BSC).

According to the rating published by the Dengi magazine on March 23, 2009, VUZ-Bank ranks among the 200 largest Russian banks in terms of net assets (as of January 1, 2009). The financial institution was ranked 167th among Russian credit institutions and 5th among Yekaterinburg banks.