JPMorgan Hires Mosenergo's Vasiliev for Russia Unit

(Corrects Vasiliev's title after clarification from JPMorgan.)

JPMorgan Chase & Co. (JPM), the third-biggest U.S. bank, hired the first deputy director of OAO Mosenergo, Moscow's power utility, as managing director at its Russian investment banking unit.

Vasiliev, 44, the former chairman of Russia's federal securities commission, will work with the bank's major industrial clients, Mosenergo said today in an e-mailed statement. Vasiliev will work with the bank's head of investment banking in Russia, Natasha Tsukanova, JPMorgan said today in a statement.

Vasiliev organized a sale of new Mosenergo shares to its main supplier of natural gas, state-run OAO Gazprom, that may raise $2.3 billion for the utility. JPMorgan acted as adviser on the sale.

``My mission regarding the share issue is in most respects completed,'' Vasiliev said in the statement. Working at the U.S. investment bank, Vasiliev will help JPMorgan to get involved in the share offerings from Russia's power industry, he said.

OAO Unified Energy System, Russia's state-controlled utility, said it will sell shares in as many as 17 generation companies and at least seven sales companies this year to raise funds for a modernization of the country's electricity infrastructure.

To contact the reporter on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net.

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.

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