VTB Group, Russia’s second-biggest bank, hired Konstantin Limitovsky, a specialist in structured and project finance.
Limitovsky joined this month as vice president, a Moscow- based official for VTB said yesterday by telephone. He declined to comment on his role. Limitovsky could not immediately be reached by phone.
VTB is among Russian banks where non-performing loans are hurting profit. OAO Sberbank, Russia’s biggest lender, had employed Limitovsky to lead a team restructuring its real estate loan portfolio until he left in 2010 to set up his own advisory firm.
Limitovsky has also headed structured and project finance at Russia’s OAO Gazprombank and worked at Moscow-based Alfa Bank in a similar role.
VTB’s net income in the second quarter tumbled 63 percent to 10.1 billion rubles ($320 million) after provisions for bad loans surged. The bank’s market value has more than halved since an initial public offering in 2007, partly on concern that customer defaults on mortgages and other debt increased.
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org