MDM Bank, the Russian bank backed by the investment fund of former Abbey National chief executive Luqman Arnold, has taken its first step towards a flotation after shareholders voted to change its name in a reflection of the business's plans to pursue a public listing.

MDM Bank Open Joint Stock Company, as it is now known, was Olivant's first public investment. In July, Olivant took a 10% stake in MDM Bank, Russia's 11th largest lender based on total assets, with the option to buy an additional 5% holding within the next six years.