Three former Morgan Stanley executives have left the Russian Regional Development Bank, owned by oil giant Rosneft, which said it was switching its focus to corporate and retail banking, Reuters reported.
The executives were hired by the bank last November.
A spokeswoman of Rosneft denied that there had been any falling out between the three former employees and the state-owned oil major's boss Igor Sechin.
Meanwhile, Dominique Strauss-Kahn, the former head of the International Monetary Fund, was appointed to the bank's supervisory board, Bloomberg reported.
In the first quarter of 2013, the bank had assets of 83.2 billion rubles ($2.6 billion), according to Interfax. This would place it as the country's 64th largest bank by asset value.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
