In February Bank of Moscow board of directors elected Andrei Kostin, CEO of the state banking group VTB, as its new chairman, while VTB Deputy President Mikhail Kuzovlev as the bank’s first vice president. The current president, Andrei Borodin, the bank’s largest minority shareholder, who together with his partners owns up to 20.36 % of the bank, has retained his post.
The VTB control over Bank of Moscow became possible in February, when it acquired a 46% stake in the bank from the Government of Moscow for 103bln rubles and a 25% stake in the Capital Insurance Group, which owns a 17% sake in the bank.
VTB plans to buy off other shareholders. Commenting on his mission as the bank’s chairman, Kostin said the priority task is to protect the rights and interests of all the bank shareholders. “The bank’s basic function, as the main financial partner of the Government of Moscow, is to continue to help in realization of the city’s economic and social programs.”
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