The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov was elected to the new Supervisory Board of VTB Bank, where he has been serving as an independent member since June 28, 2013.
The message of the bank said that the decision was taken at the meeting of shareholders of VTB.
Minister of Economic Development of Russia Alexei Ulyukayev was elected the chairman of the Supervisory Board of VTB Bank.
SOFAZ has a 2.95 percent stake in the second largest Russian bank VTB. The cost of the acquisition was $500 million.
VTB Bank JSC is represented in Azerbaijan through its subsidiary VTB Bank (Azerbaijan) JSC. VTB Bank (Azerbaijan) provides services to corporate business small business clients and private clients. Today the bank is represented by 14 subsidiaries and Customer care office at the head office.