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In January 1998, the bank changes its legal form from limited liability to an open joint stock company. In July of the same year, the merger of Alfa-Bank and the Alfa-Capital group of companies was carried out [13]. The bank relatively painlessly overcame the economic crisis of 1998, without stopping payments to depositors and regularly redeeming coupons on Eurobonds [14] [15].

In April 1999, Alfa-Bank was included in the list of authorized agent banks and entered into credit agreements worth more than 1 billion rubles under the State program of concessional lending to agricultural producers and agribusiness enterprises [16].

In 2000, Alfa-Bank was the first Russian bank to announce the issue of its own Eurobonds for $ 150-200 million. In October of the same year, Alfa-Bank was the first among Russian banks to start issuing virtual Eurocard-MasterCard cards for online payments [17].