Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Putin's Cousin Igor Hired by Master Bank

Master Bank has hired Prime Minister Vladimir Putin’s cousin Igor Putin as a vice president to help the lender expand and become one of the country’s biggest 50 banks by assets.

“He will help implement our strategy,” Yegor Altman, an adviser to the head of Master Bank, said Thursday. “We’re sure that Igor Putin’s arrival will help us carry it out faster and better.”

The lender, now the country’s 59th-largest by assets, wants to increase its branch network and number of automatic teller machines, Altman said.

Kommersant reported that Putin commenced his work at the bank Monday. The lender’s chief executive, Boris Bulochnik, and his family control 85 percent of the institution, the report said Thursday.

Igor Putin has some banking experience that he gained on the board of the medium-sized AvtoVAZ Bank since joining in 2007. It is not clear if he will combine his two banking posts.

Putin did a good job for AvtoVAZ Bank, said its board chairman, Nikolai Taran. “His presence on the board has reflected well on the bank,” he said, Kommersant reported.

Putin’s role will increase the bank’s clout with officials, said Agvan Mikayelyan, chief of research agency Finexpertiza. “Family connections are still an important factor of competition,” he said.

Putin’s previous jobs includ chairman of the Samara Reservoir Factory, board member of Volga Drilling Machines, chairman of the Ryazan committee of United Russia supporters and chairman of the Ryazan Regional Licensing Chamber.

(Bloomberg, MT)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more