Head of SOFAR became an independent member of the Board of VTB Bank

The Executive Director of the State Oil Fund of Azerbaijan (SOFAR) Shahmar Movsumov became an independent member of the board of VTB Bank from Russia.

According to the press service of the financial structure, due to the fact that the State Oil Fund owns 2.95% of shares ($ 500 million) of VTB. The data were announced at yesterday's annual meeting. The controlling stake in the bank (60.93% or 15 billion Russian rubles) belongs to the Russian government. The value of a share is one kopeck.

Interesting changes took place in the composition of the shareholders - instead of the head of the U.S. investment fund TPG, David Bonderman, the first deputy head of the State Duma Administration, Mikhail Kopeikin was elected. The VTB head Andrei Kostin, the Managing Director of Nord Stream AG Matthias Warnig and the supervisory board chairman Sergey Dubinin saved their places in the board.

SOFAR with assets of $ 271 million was established in 1999. As of April 1 this year the fund's assets were $ 36 billion 618.4 million.