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Russian bank VTB's CFO steps down - sources

Source: Reuters - Tue 8th Sep 2009

Nikolai Tsekhomsky, chief financial officer at VTB, Russia's second biggest lender, has stepped down, banking sources told Reuters on Monday. State-controlled VTB is struggling with losses as a rise inbad loans eats into its profit and capital. The government recently pumped 180 billion roubles ($5.70 billion) of fresh funds into the bank.

Tsekhomsky had chosen to leave and had not been sacked, asource familiar with the issue said.

Herbert Moos, who spent 14 years at Lehman Brothers beforehe became a chief executive of VTB Bank Europe, a foreign investment arm of VTB, will replace Tsekhomsky, the source said. Moos's most recent posts at Lehman Brothers were CFO,Asia-Pacific ex-Japan, and Treasurer, Asia-Pacific based inTokyo and Hong Kong.

Business daily Kommersant cited VTB sources as saying themain reason for Tsekhomsky's departure was the 70 percent fallin the bank's share price since its initial public offering in May 2007.

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