ALFA-BANK JSC (Alfa-Bank), is the largest of the private banks in Russia. It was founded in 1990 by Russian businessman Mikhail Fridman, who is still the controlling owner today. Headquartered in Moscow, it operates in seven countries, providing financial services to 22 million active corporate customers and over 1 million active retail clients as of 2021. Alfa-Bank has been named Russia's best bank on numerous occasions by financial publications, and was placed 270th in the 2009 edition of The Banker magazine's Top 1000 World Banks. The bank is known internationally for its Alfa Fellowship Program, which gives emerging young leaders from around the world the opportunity to gain professional experience in various fields. Alfa-Bank is also well-known in Russia for its social and cultural initiatives, ranging from charity projects to educational programmes, exhibitions, concerts and music festivals. On March 1, 2022, Mikhail Fridman and Pyotr Aven left the bank's board of directors after coming under EU sanctions imposed in response to the 2022 Russian invasion of Ukraine. History Timeline: 1990s 1990 – Alfa-Bank founded as a partnership with limited liability by Russian entrepreneur Mikhail Fridman. 1991 – Licence to banking operations received from Central Bank of Russia and first corporate accounts open. 1992 – Central Bank grants more licences for broader activities. Alfa-Bank opens first nostro accounts in six foreign banks. First retail branch opens in Moscow. 1993 – Alfa-Bank becomes a member of Moscow Interbank Currency Exchange. General license to banking operations received from Central Bank. Alfa-Bank starts dealing in government bonds (GKOs and OFZs). 1994 – Alfa-Bank becomes a member of MasterCard/Europay international credit card system and joins the Society for Worldwide Interbank Financial Telecommunication. Pyotr Aven appointed as bank's president. Alfa-Bank becomes the first Russian bank to open a subsidiary in Almaty, Kazakhstan. 1995 – Euromoney ranks Alfa-Bank third in its category for "Best Russian Banks in 1995". Alfa-Bank joins Factors Chain International. A representative office opens in London, United Kingdom. 1996 – Alfa-Bank joins Euroclear and Visa International. It becomes one of the three participants in the first Eurobonds issue by Russian government since the October Revolution. Alfa-Bank opens a branch in Nizhniy Novgorod. 1997 – Alfa-Bank draws a $40 million syndicated loan. Euromoney declares Alfa-Bank "The Best Bank in Russia in 1997". First credit ratings received from Moody's and Standard & Poor's (S&P). Alfa-Bank places its first issue of $175 million, 3-year Eurobonds, becoming the