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Recent developments between the Bank of Moscow and SSG

Andrey Borodin said today, commenting on the recent developments in Bank of Moscow and SSG:

Yesterday, my former first deputy, Lyudmila Davydova, resigned from Bank of Moscow. Lyudmila is an exceptionally honorable, hard working and professional person. During the past six months, she has also demonstrated a very strong character and moral courage, which most of my male colleagues could only dream of, Lyuda, I bow to you! Thank you for all the years of working together!

Board of Directors of Stolichnaya Insurance Group decided to replace its director. Now, a VTB representative is heading the Group. I do not see any grounds for such a decision. A. Sudakov was in position; he accomplished important work on integrating various unrelated insurance assets and managed to take the company through the financial crisis. It has not even been explained to the company employees and clients what the reasons for his dismissal were. In my understanding, there is only one reason for this – Mr. Sudakov’s refusal to ‘put on a t-shirt with a VTB logo’. Indeed, this is an example of high standards of corporate governance.