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Andrey Borodin’s Statement

The so-called Bank of Moscow development strategy, which was made public yesterday, demonstrates yet again that when the ‘effective managers’ from VTB took over our bank they did not have the slightest understanding of why they might need this asset. This means that behind these actions was a political decision to gain control over Bank of Moscow as well as a desire of certain individuals to make a profit out of this.

The document itself won’t hold water. It is blue-sky, it is a dummy. During my time as president of the bank, an answer to such a strategy proposal would have been a suggestion to look for a new job. I am convinced that the main indicators and targets for 2014 are not achievable by default. The loan portfolio forecast for small and medium-sized businesses alone looks like a joke to a professional.

The only issue worthy of attention is the fact that VTB, through Mr. Kuzovlev, effectively announced the demise of Bank of Moscow, disguising it in such terms as closure of the branch network, sale of foreign subsidiaries, pension funds, etc. With this decision, these people have practically destroyed the value of the brand that only a year ago was valued at one billion US dollars. In the meantime, nobody mentions that this development strategy, or rather destruction strategy, entails the loss of hundreds of jobs and reduced competition. What were they thinking announcing to the whole country that they were turning a strategic credit institution into a provincial shop? And this exercise is being paid for by the tax payers. Where is the Audit Chamber of the Russian Federation?