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.

Dvorkovich Tweets Aversion to VTB's Buying Bank of Moscow

The VTB supervisory board decision to approve the gradual acquisition of 100 percent of the shares in Bank of Moscow was not unanimous.

"I voted against it," presidential adviser and board member Arkady Dvorkovich wrote on his Twitter blog following the meeting Monday.

This was his "personal position," he wrote.

In addition to Dvorkovich, the supervisory board includes Deputy Prime Minister and Finance Minister Alexei Kudrin and his deputy Alexei Savatyugin, Central Bank Deputy Chairman  Alexei Ulyukayev, bank president Andrei Kostin and four independent directors.

The vote's results indicate that the state representatives on the board, with the exception of Dvorkovich, supported the acquisition. Dvorkovich stated in a tweet Tuesday that there was no government directive on the vote.

The Mayor's Office estimates Bank of Moscow at 178 billion rubles ($6 billion). The city of Moscow directly owns 46.5 percent in the bank. The city also controls 4.33 percent through Capital Insurance Group. To avoid violations of legislation on privatization, the city plans to inject Bank of Moscow shares into the capital of Central Fuel Company. "There are forms of sale that require an auction and those that don't need it," Ulyukayev said.

In addition to the city of Moscow and Capital Insurance Group, the bank's president, Andrei Borodin, and the deputy chairman of the board of directors, Lev Alaluyev, own 20.3 percent. Goldman Sachs owns 3.9 percent, and Credit Suisse 2.8 percent.

(MT, Interfax)

… 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