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Thoughts on recent VTB statements regarding Bank of Moscow’s loan portfolio

The current VTB management has recently made a number of statements regarding the state of Bank of Moscow and issues with its loan portfolio, claiming that they were only able to find out about the real situation in the Bank after they bought it. However, VTB management ignored the offer of the former President of Bank of Moscow, Andrey Borodin, made on 22 March 2011 to purchase their shares in the Bank, at the price at which they originally purchased those shares. Had they been dissatisfied with the state of the Bank, it is unclear why they ignored Mr Borodin’s offer.