Alexey Ustaev

Alexey Yakubovich Ustaev
Alexey Yakubovich Ustaev
Born	April 12, 1960 (age 66); Tashkent
Occupation(s)	Businessman, financier, investor
Known for	Founder of Viking Bank, first commercial bank in contemporary Russia

Adapted from the English Wikipedia article Alexey Ustaev, available under CC BY-SA 4.0Updated 11 August 2025

Alexey Yakubovich Ustaev is a businessman, financier, and investor. He was born on April 12, 1960. In 1988, he established "Viking," recognized as the first commercial bank in contemporary Russia. Starting in 1984, he was employed at Lenhydroenergospetstroy, focusing on flood control infrastructure projects. By 1987, he assumed the role of general director at the Soviet-Swedish joint venture "Viking" and chaired the cooperative "Vera." From 1988 until 2014, Ustaev served as Chairman of the Management Board of Viking Bank (initially known as "Patent" Cooperative Bank until 1991). Between 2014 and 2023, he held positions as President and Board Member of Viking Bank.

Biography

Alexey Yakubovich Ustaev was born in Tashkent into a family of Bukharan Jewish educators. His mother, Ida Yusupovna Kandinova (1936–1980), worked as a Russian language instructor and deputy headmaster at School No. 125 in Tashkent.

On his mother's side, Ustaev is descended from Yosef Shalom Kandinov (1906–1978), an educator from Uzbekistan, WWII veteran, and notable public figure within a distinguished Bukharan Jewish lineage. The Kandin family included prominent individuals such as Aaron Moshe Kandin (1822–1909), a merchant and finance minister of the Emirate of Bukhara who also led the Jewish community and was known for his philanthropic efforts.

Ustaev is a direct descendant of Aaron Kandin through Yosef Kandinov.

Education

1982 – Completed studies at Tashkent Polytechnic Institute, earning a degree in Civil Engineering. 1994 – Graduated from the Interdepartmental Institute of Professional Development at Saint Petersburg State University of Economics and Finance with specialization in Finance and Credit, focusing on banking. 2004-2007 – Pursued a Candidate degree in Economic Sciences at St. Petersburg University of Economics and Finance. 2007 – Successfully defended his dissertation titled "Monitoring of Clients as a System Element of Bank Crediting," obtaining the Doctor of Economics degree.

Establishment of Russia’s first commercial bank

In August 1988, Viking Bank was founded in St. Petersburg as Russia's inaugural private commercial bank under license No. 2 (the first license had been granted to a Kazakh bank that subsequently failed). This event signified the advent of Russia’s modern banking industry. Founder Alexey Ustaev assembled a team comprising Anatoly Kurkov (former chief of Leningrad’s Ministry of Internal Affairs central board), Valery Zaborov (former assistant prosecutor for Leningrad region), Nikolay Sergeyenko (ex-deputy head of city tax inspection), Leonid Perekrestov (major general with the Municipal Department of Internal Affairs), and Victor Halansky (pioneer of St. Petersburg’s contemporary banking system and former head of the Central Bank’s regional department). From its foundation, under Ustaev’s leadership, Viking Bank prioritized financing the real economy, steering clear of speculative activities, and adopting customized solutions tailored to each client’s needs.

Collaboration with industrial enterprises

Alexey Ustaev has concentrated his efforts on investment funding within the real sector. At Viking Bank, he introduced an innovative service model for corporate clients—primarily industrial companies—designed to shield businesses from external threats. This dual-level system integrates an expert financial team inside the bank alongside external specialized firms offering legal, economic, tax advisory, consulting, IT support, business operations assistance, economic security, and insurance services. The bank continuously monitors borrowers not only during loan approval but throughout the implementation phase amid evolving market conditions.

This methodology shifted Viking Bank’s lending approach from passive credit provision to active collaboration aimed at enhancing clients’ financial stability and fostering business expansion. The bank actively supports companies across light manufacturing, hospitality, retail trade, service industries, real estate development, and various other sectors of the economy.

Public and social activities

Since 1999, Alexey Ustaev has actively participated in numerous public initiatives, including his membership in the Diplomatic Club and his role as an academician at the St. Petersburg Engineering Academy beginning in 2004. He held the presidency of the St. Petersburg Chess Federation from 2004 to 2006 and has chaired the Association of Chess Federations for the Northwest Federal District since 2007.

During his tenure, Viking Bank has been instrumental in backing social initiatives aimed at vulnerable groups, while also fostering development in sports, science, and education. Between 1995 and 2009, the bank provided financial assistance to families caring for children with disabilities. Starting in 2004, it extended support to the Ballet Drama School named after L.V. Jakobson as well as Orphanage No. 8 located in St. Petersburg.

Ustaev has promoted chess growth by offering both financial backing and organizational aid to regional federations and competitions, spanning from youth-level events to international tournaments featuring leading grandmasters. Since 2006, Viking Bank has sponsored the Turner Children's Orthopedic Research Institute alongside a boarding school dedicated to visually impaired children.

Further philanthropic endeavors include consistent aid to orphanages and medical institutions within St. Petersburg and its neighboring areas. Beginning in 2011, Ustaev introduced scholarships targeting talented students enrolled at premier economic universities in St. Petersburg.

Acknowledging these efforts, Viking Bank was officially commended by the Governor of St. Petersburg in 2011 for its proactive involvement in charitable activities and child welfare programs.

Honors and awards

Awarded the "Honorable Cross," 2nd degree, by the President of the Slovak Republic.
Recipient of the Medal commemorating the "300th Anniversary of St. Petersburg".
Honored with Russia’s National Management Award as "Best Leader of Russia".
Recognized by the European Assembly of Business with an International Award for contributions to "United Europe" and European integration.
Received the public accolade "Russian National Olympus" for "Honor and Valor".
Conferred the honorary designation "Top Manager of the Russian Federation" in 2007.
Awarded the Medal from the St. Petersburg Chamber of Commerce and Industry for excellence in business development.
Named "Manager of the Year in Banking" by the Russian Banking Association for impactful contributions to banking advancement.
Presented with the A.M. Gorchakov silver medal by the Ministry of Foreign Affairs for efforts in promoting peace and international collaboration.
Honored as "Banker of the Year" in 2013 by the Russian Banking Association’s National Bank Award.
Received the Northwest Banking Association’s highest distinction known as the "Banker’s Star".
Granted the honorary title "Honored Banker," which represents the top accolade from the Russian Banking Association.
Awarded a state honor from the Slovak Republic recognizing significant enhancement of its international reputation.

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