Societe Generale's Rosbank Picks New Chairman

By The Moscow Times

Nov. 13, 2013

Societe Generale's Russian unit Rosbank picked a former executive of Russia's second biggest lender VTB on Wednesday as its new chairman, six months after being rocked by the arrest of its previous CEO on bribery charges.

SocGen raised its stake in its troubled Russian unit to 92.4 percent last month after buying 10 percent more from the state-controlled VTB, betting it can turn Rosbank around.

The new chairman, Dmitry Olyunin, previously worked in the VTB group for nine years, overseeing the recent merger of TransCreditBank and VTB's retail arm VTB24. His appointment at Rosbank requires Central Bank approval.

SocGen, which bought into Rosbank in 2006, has spent billions of dollars fixing a bank it has considered to be underperforming.

… 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.

Continue