A road sign points the way to Parizh (Paris) village and Dzhabyk village in the Chelyabinsk Region, Russia.
Photo: Yury Tutov
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VTB Lays Schemes for Paris Upheaval
Vneshtorgbank (VTB) is staging management upheaval for its Paris subsidiary, BCEN-Eurobank. Board chairman at BCEN-Eurobank for the last eight years, Andrey Movchan, is likely to yield his office to Lyubov Mokhnacheva, a recent top manager at a subsidiary of BNP-Paribas. Mokhnacheva’s appointment is lobbied by VTB Senior Vice President Yulia Chupina, who is in charge of development strategy at VTB Group.
The market fell into talk about the imminent staff reshuffles in Russia’s foreign banks once the Central Bank of Russia (CBR) transferred their stocks to VTB. Past December, VTB announced acquisition of 88.89 percent in Moscow Narodny Bank (London), 87.04 percent in BCEN-Eurobank (Paris), 51.62 percent in Ost-West Handelsbank (Frankfurt am Main), 15 percent in Donau Bank (Vienna) and 15 percent in East-West United Bank (Luxembourg).
The management at BCEN-Eurobank might be changed soon, said a source close to Andrey Kostin, VTB president and CEO, on condition of anonymity. “At stake is the board chairman’s office that is currently taken by Andrey Movchan. The political decision has been made already and candidates are being discussed,” the source said pointing to Lyubov Mokhnacheva as the most probable successor.
www.kommersant.com
All the Article in Russian as of Mar. 23, 2006
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