Claim: Vitaly Malkin was one of the founders of Rossiysky Kredit, which was converted into a joint stock company in 1997, but then in 2004, he officially retired from business.
Evidence: The two men founded Rossiysky Kredit, which was the third largest Russian bank until the financial crisis of 1998. Malkin built his fortune in the banking sector, notably with his business partner Bidzina Ivanishvili. He officially retired from business in 2004, when he became a member of Federation Council, representing the east Siberian republic of Buryatia (from 2004 to 2013). In 1997 it was converted into a joint stock company.