Trust BOD Chairman Ilya Yurov, on the photo, said the bank will have a new CEO far back in July.
Photo: Grigory Tambulov
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CEO of Russia’s Merrill Lynch to Head Trust Bank
CEO of the Moscow office of U.S. Merrill Lynch, Mike Egglton, will take over Trust Investment Bank. So, both banks of Trust Group – Trust Investment Bank and Trust National Bank - will be led by foreign top managers instead of the holders.
Far back in July, Trust BOD Chairman Ilya Yurov said the bank will have a new CEO. It is Mike Egglton, CEO of Russia’s office of Merrill Lynch, that will replace one of the bank’s owners Sergey Belyaev in September, said sources with bank community of London.
As of April 1, 2006, Trust Bank was the No. 34 among Russia’s banks in equity (5.4 billion rubles), according to the rating compiled by Kommersant Dengi (Kommersant Money). It was scored the No. 54 in net asset total (21.5 billion rubles). The holders are five individuals with Ilya Yurov owning the biggest stake of 35.94 percent.
Egglton didn’t stay with Merrill Lynch for long. The money could be one of the reasons that have prompted top manager to change the employment. Alexey Chalenko, investment managing director at Uralsib, said, for instance, “the office of CEO with Russia’s investment bank could be not only more honorable but also better-paid.”
This way or another, the fact is that both banks of Trust Group will have foreign top managers. Chris Evans heads Trust National Bank already and Mike Egglton will soon take over Trust Investment Bank. Yurov has been always targeted at the experience of foreign specialists, said Roman Zhurkov, who is in charge of the investment and bank service department at Transcreditbank.
www.kommersant.com
All the Article in Russian as of Aug. 14, 2006
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