Sberbank to breathe new life into the Narkomfin Building

22.08.2017, Moscow

August 22, 2017, Moscow – Sberbank will finance the restoration and modern-use conversion of the legendary Narkomfin Building, which is one of the most famous examples of Constructivist architecture in Moscow and the world.

Sberbank’s Moskovksy Bank opened a credit line worth RUB 855 mln for the owner of the building – Liga Prav LLC – which has already commenced restoration work. The restoration will be carried out under the supervision of architect Alexey Ginzburg, the grandson of Moisei Ginzburg, who created the Narkomfin Building.

“This project is unique for us both in terms of its historical and cultural significance,” commented Oleg Smirnov, Vice President of Sberbank and Chairman of the Moskovsky Bank. “The Narkomfin Building’s original appearance will be returned and it will once again be a residential building. At the same time, some of the space in the building will be utilised to carry out social functions.”

Garegin Barsumyan, CEO of Liga Prav LLC, said: “As the owner of the Narkomfin Building, a cultural heritage monument, Liga Prav LLC is very pleased that Sberbank has decided to participate in the project. We are certain that with the support of Russia’s leading bank we’ll be able to promptly carry out restoration work, return the historical appearance of the building, and restore its place in world architecture.”

The Narkomfin Building was constructed in 1928-30 for employees of the People's Commissariat of Finance of the USSR. It is a listed building. In 2006 the building was included in the World Monuments Fund’s list of the most endangered heritage sites.

Restoration works on the Narkomfin Building are scheduled for completion in 2019.