first privately owned Russian bank to issue Eurobonds. Branches in Saint Petersburg and Samara open. The value of total assets passes $1 billion. 1998 – Alfa-Bank is reorganized from a limited liability company into an open joint stock company. Euromoney ranks Alfa-Bank "Best Bank in Russia" for the second consecutive year. Alfa-Bank merges with Alfa Capital, then a sister company of Alfa Group. A subsidiary bank opens in Novosibirsk, Russia's third most populous city. 1999 – Euromoney and Global Finance name Alfa-Bank "Best Russian Bank" despite the financial crisis. Fourteen new retail branches and offices open across Russia. 2000s 2000 – Alfa-Bank acquires a 76% stake in Kyivinvestbank (later renamed "Alfa-Bank"). The Banker and Global Finance magazine name Alfa-Bank "The Best Russian Bank". Alfa Securities, a broker and a subsidiary, opens in London. 2001 – By the end of first quarter, the bank's loan portfolio reaches $1 billion; Alfa-Bank opens a subsidiary in New York City, Alfa Capital Markets, an NASD (now Financial Industry Regulatory Authority (FINRA)) regulated company set up to provide brokerage and investment services in North and South America. Emerging Markets Investor and Global Finance name it "Best Bank in Russia". Alfa-Bank becomes the 100 percent owner of Amsterdam Trade Bank N.V. and thereby acquires a full banking licence in the European Union. 2002 – Gazprom and Alfa-Bank reach an agreement on strategic partnership. Together with Merrill Lynch, Alfa-Bank wins financial consulting contract from Unified Energy System. Fitch and S&P upgrade their credit rating on Alfa-Bank. Once again Global Finance magazine names Alfa-Bank "Best Russian Bank". 2003 – Unaudited financial statements reveal record high growth in profits in 2002 (the bank's loan portfolio increases 70% to $1.4 billion, assets surge by 51%, while net income rises by more than a third). Alfa-Bank, in partnership with the Lauder Institute of the Wharton School of Business, establishes a new award for "Excellence in Foreign Investment", to be presented to foreign companies operating in Russia for weighty contribution to corporate governance and successful business operations. Alfa-Bank draws an $82 million unsecured syndicated loan, the biggest on record among private banks. S&P, Fitch, and Moody's upgrade Alfa-Bank's rating during the year. 2004 – Alfa-Bank tops the list of financial consultants by deals value, completing $8.9 billion worth of transactions in 2003. Alfa-Bank's loan portfolio grows by 52% year-over-year, reaching $2.8 billion. It wins a $10 million defamation settlement against the Russian