Bloomberg News

Moiseev Nominated to Replace Savatyugin on VTB Group’s Board

March 05, 2013

Russian Deputy Finance Minister Alexei Moiseev was nominated to VTB (VTBR) Group’s board, where he may replace former colleague Alexei Savatyugin.

Moiseev is one of 10 candidates to the lender’s board, which also include TPG Capital founder David Bonderman and Russian central bank First Deputy Chairman Alexey Ulyukayev, according to a statement dated yesterday and published on the Moscow-based bank’s website.

Moiseev joined the government in July from VTB’s investment bank, where he had been chief economist and deputy head of its research team. If confirmed, he will replace Savatyugin, a former deputy finance minister who resigned in December.

The Russian government holds a 75.5 percent stake in VTB, the country’s second-largest lender. In February 2011, the state sold a 10 percent stake for $3.3 billion and is planning a share offering this year of a similar size.

Savatyugin said he will be stepping down from VTB and is considering offers in finance, fund management and teaching.

“I have several offers on the table but have yet to accept one,” he said by mobile phone today. Moiseev didn’t immediately answer calls to his mobile phone or e-mail seeking comment.

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

To contact the editors responsible for this story: Paul Abelsky at pabelsky@bloomberg.net; Frank Connelly at fconnelly@bloomberg.net


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