Absolut Bank was registered in April 1993. For a long time, Moscow businessmen Alexandr Svetakov, Gleb Galin and Andrey Truskov were the main owners.

In December 2005, the International Finance Corporation (IFC, investment division of the World Bank) became one of Absolut Bank's shareholders, having bought out 7.51% of its shares for ten million US dollars. In April 2007, 92.5% of the Bank's shares were bought by the Belgian financial group KBC at the price of 3.8–4.1 of the capital (one billion US dollars).

Later on, KBC Group gained total control of Absolut Bank. In late 2012, the Group, following the instructions of the European Central Bank started the long-planned transaction for selling Absolut Bank. The transaction was closed in March 2013 after its approval by the Bank of Russia.

In autumn 2013, it was reported of the planned merger of the KIT Finance Bank (whose controlling interest is also held by NPF Blagosostoyanie) into Absolut Bank. The official merger procedure was launched in early 2014, and by the end of April 2014 the transaction was closed. Beginning in April 21, 2014 the merged bank started its operations under the brand “Absolut”. As of January 1, 2014 OAO United Credit Systems was the only shareholder of the Bank. But already in April 2014, the structure of the shareholders changed as a result of the merger of the KIT Finance Bank.

As of now, the organizations of NPF “Blagosostoyaniye” control Absolut Bank through the principal shareholder – PAO United Credit Systems.

In July 2015, the Deposit Insurance Agency signed a subordinated loan agreement with Absolut Bank, having transferred federal loan bonds of five issues with the total par value of six billion rubles within the state program for banking sector support.

In September 2015, Absolut Bank increased its equity by three billion rubles through placing uncertified registered ordinary shares within an additional issue, having placed 43,340,076 (forty three million three hundred and forty thousand and seventy six) shares with the par value of ten rubles each by private offering to the benefit of the credit institution's shareholders. Thus, with account of the additional issue, the Bank's equity according to Basel III exceeded 32 billion rubles, which enabled to strengthen the Bank's positions in the financial market and substantially expanded its business lending capacities.

In December 2015, based on the results of the tender organized by the Deposit Insurance Agency, Absolut Bank was chosen as the investor that offered most favorable terms for financing the measures aimed at financial rehabilitation (bankruptcy prevention) of PAO BALTINVESTBANK.

In April 2016, PAO BALTINVESTBANK completed the placement of an additional issue of shares, 100% of which were purchased by Absolut Bank. As a result, Absolut Bank became the principal shareholder of the bank under recovery.

In May 2016, Absolut Bank successfully placed its own subordinated bonds in the amount of 5 billion rubles by public offering at the Moscow Exchange.

Capital injections were also made via additional issues of ordinary uncertified registered shares carried out by closed subscription among the Bank’s shareholders:

• - in September 2016 authorized capital increased by 1,21 billion rubles up to 4 185 948 790 rubles (equity capital increased by 5 billion rubles);
• - in October 2017 authorized capital increased by 1,23 billion rubles up to 5 417 475 880 rubles (equity capital increased by 5 billion rubles);
• - in August 2018 authorized capital increased by 1,73 billion rubles up to 7 148 578 020 rubles (equity capital increased by 6 billion rubles);
• - in April 2019 authorized capital increased by 1,48 billion rubles up to 9 392 407 480 rubles (equity capital increased by 6 billion rubles).

Since 2018 Absolut Bank implements new strategy with focus on retail business supported by high technologies and market expertise. Bank will concentrate on development of digitalized mortgage and car lending, as well as cash&liquidity; business in SME segment.

The wise development strategy and the shareholders' support do not only guarantee Absolut Bank's stability and sustainability, but also enable to strengthen its positions in financial markets, as well as to considerably expand its possibilities for business growth.

Absolut Bank is actively developing its retail business and services for small and medium enterprises. It considers the retail area (mortgage lending, automobile lending, and services for small business) to be its strategic development priority. For individuals, the Bank offers lending services (consumer lending, automobile lending, mortgage lending), a range of deposits, bank safes, precious coins, unallocated bullion accounts, issue and acquiring of MasterCard and Visa plastic cards, insurance services, Internet-bank “Absolut Online”, etc. Absolut Bank's total customer base numbers about 200 thousand customers – both individuals and legal entities.

For legal entities, the Bank offers credit products, leasing, trade finance, settlement and cash services, currency control, Internet acquiring, payroll projects, cash collection, customs cards, Internet banking, deposits, syndicated loans, and depositary services.

The Bank's top-priority business areas are services for corporate customers and medium business and development of its retail business with a focus on mortgage lending and private banking development.

The Bank's customers are over 37 thousand companies from various sectors of the economy, including food and cosmetics industries, metallurgy industry, machine building, consumer goods industry, petroleum industry, and other sectors of the economy.

The Central Bank of the Russian Federation listed Absolut Bank among the credit institutions authorized to work with funds of Russian companies that are strategically important for the defense industry complex and security of the Russian Federation. Strategically important state corporations may open accounts and letters of credit and deposit their funds with the banks included into that list.

Absolut Bank is a participant in the Russian state deposit insurance system.