Kan Quits Rosneft Bank After Former Morgan Stanley Team ExitJason Corcoran
Igor Kan, formerly Citigroup Inc.’s Moscow-based equities chief, quit the bank owned by OAO Rosneft, Russia’s largest oil producer, becoming the fourth executive to leave in the past six months.
Kan declined to say why he’s leaving the Russian Regional Development Bank, as the Rosneft unit is called, less than a year after joining. He said by phone that today is his last day, and he’s considering where to go next.
Rosneft Chief Executive Officer Igor Sechin formed a team with about a dozen former Morgan Stanley bankers and staff last year to overhaul the Moscow-based bank and help hedge risk at the world’s biggest publicly traded oil company by output. Kan, who left Citigroup in March this year, had previously worked at Morgan Stanley.
Rosneft’s press office didn’t immediately comment when called by Bloomberg. Rair Simonyan and Elena Titova, formerly Morgan Stanley’s two top bankers in Moscow, and Walid Chammah, an ex-head of its international unit, resigned from Rosneft’s bank in July, also a year less than joining, as Sechin changed its focus to corporate and retail banking and improving treasury operations.
Morgan Stanley advised Rosneft on its $10.4 billion initial public offering in 2006, Russia’s largest. The U.S. bank is in talks to sell its global oil trading business to Rosneft, a person briefed on the discussions said on Nov. 21.
Dominique Strauss-Kahn, the former head of the International Monetary Fund, was appointed to the bank’s supervisory board, Rosneft said in July. Strauss-Kahn left the IMF in 2011 after facing allegations of misconduct including the attempted rape of a hotel maid in New York. He denied the charges, which were later dropped, and he settled the maid’s lawsuit last year.