Bloomberg News

VTB Says Billionaire Abramovich’s Son Interning at London Bank

February 05, 2013

Feb. 5 (Bloomberg) -- VTB Group, Russia’s second-largest lender, said billionaire Roman Abramovich’s son is working as an intern at its London investment bank.

“Arkady Abramovich has passed a rigorous selection process and joined VTB Capital’s internship program,” the bank said in an e-mailed statement.

His internship was reported earlier today by Vedomosti. The younger Abramovich, 19, controls the investment firm ARA Capital Ltd., which is involved in acquiring oil and gas assets in Russia and the former Soviet Union. In 2011, he purchased 26 percent of energy investor Crosby Asset Management Co.

His father owns London’s Chelsea Football Club and has a fortune of over $14 billion, according to Bloomberg data. Abramovich has invested in Evraz Group SA and Highland Gold Mining Ltd. after selling his stake in oil producer OAO Sibneft to state-controlled OAO Gazprom for $13.1 billion in 2005.

VTB Capital bankers have previously helped arrange bond sales for Evraz.

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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