"My lawyers filed an application with Britain's Home Office for granting me political asylum, stating that the prosecution my colleagues and I are facing in Russia is politically motivated," he said in comments carried by Vedomosti.
Borodin claimed that the criminal proceedings against him that began in 2010 had been initiated by then-President Dmitry Medvedev.
The former banker was granted asylum for an unlimited time period, his lawyer Dmitry Kharitonov told the Rapsi legal news portal.
Borodin left Russia in April 2011 shortly after government-controlled VTB's hostile takeover of Bank of Moscow. He said he was forced to sell his 20.3 percent stake in the bank at a below market price.
The British Home Office, which handles political asylum issues, denied Borodin's application last year, Russian state-owned media reported at the time.
The Russian Investigative Committee opened four criminal cases against Borodin and his former deputy Dmitry Akulinin, with allegations including multi-billion ruble fraud related to Moscow city budget funds.