Moscow Narodny Bank Limited (MNB), London was created as an independent bank in October 1919 on the basis of the London branch or Mosnarbank (London) of the Moscow Narodny Bank, which had operated in London since 1915. History In 1919 due to disruption of relations with the parent company due to nationalization in Russia it was decided to protect the right of the London branch of the bank to exist and incorporate it as a British legal entity. The bank heads Jean Bubnov and Konstantin Popov submitted an application to register it as an English limited liability company, which was registered in London on October 18, 1919 as a company of England and Wales under number No.159752. After Leonid Krasin organized Bolshevik supporters obtained BCEN-Eurobank in Paris as the first overseas Soviet bank, he, as head of the Centrosoyuz mission, which was formed on 24 February 1920 and was an attempt by the Bolshevik's Council of People's Commissars to break through the trade and political blockade of Bolshevist Russia by Western countries, travelled to London, met with British authorities beginning on 31 May 1920, and established a "Soviet House" or "Russia House" at 49 Moorgate in London, which was known as the All-Russian Cooperative Limited Liability Company "ARCOS" () and supported Bolshevik control of the Moscow Narodny Bank (London), which had formed in October 1919, through Centrosoyuz as the next Soviet bank located overseas. The declared authorized capital stock of MNB is £250,000. Original shareholding structure: Moscow Narodny Bank, Centrosoyuz, Central Association of Flax Growers, Selskosoyuz and Zakupsbyt. The primary goal of the bank was financing of international trade of the Russian cooperative organizations with Britain and other countries. MNB became the first cooperative bank created as international trade-support facility. In 1923, the bank set up a subsidiary Genossenschaftliche Transit Bank (Cooperative Transit Bank) in Riga, Latvia. During 1924 the bank balance increased 2.5 fold and by the end of the year amounted to £2.4 million, and the bank’s capital stock increased to £500,000. In 1925 the capital stock doubled to £1 million. Such growth allowed MNB to open its branches in Paris in 1925 and in Berlin in 1928. In 1926, the bank agency was established in New York. On 29 May 1923, Russia House or Soviet House also known as the All-Russian Cooperative Limited Liability Company "ARCOS" () established its own Russian Trade Bank known as the ARCOS