Sobyanin May Put VTB on Bank of Moscow Board, Kommersant Says

Moscow Mayor Sergei Sobyanin may appoint representatives from VTB Group to the board of Bank of Moscow at an extraordinary meeting of the lender’s shareholders next week, Kommersant reported.

VTB executives including First Deputy Chairman Mikhail Kuzovlev may be invited to take up seats on the board vacated by officials from former mayor Yury Luzhkov’s administration, the newspaper reported, citing an unidentified person close to Sobyanin.

The city government and Bank of Moscow President Andrei Borodin haven’t sold shares in the lender, Deputy Mayor Yuri Roslyak said in a joint press conference with Borodin yesterday, according to Kommersant. While they have received proposals no plans have been made regarding their stakes, the report said.

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net

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