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UPDATE - Ex-Lehman banker to become VTB's new CFO -sources

Source: Reuters - Tue 8th Sep 2009

Russia's No.2 lender VTB, struggling with losses, said on Tuesday it replaced its chief finance officer with ex-Lehman Brothers banker Herbert Moos and named a new Risk Department head.

Moos, who had been at Lehman Brothers for 14 years before joining VTB in 2008, will take over from Nikolai Tsekhomsky.

Alexander Yastrib, a VTB senior vice president, will be thenew head of Risk, replacing Evgeny Novikov, who will continue towork for VTB in a new position, the company said on Tuesday.

Shares in VTB rose after the news, up 3.3 percent at 1052GMT, out performing the broad market index , which had gained 2.0 percent and flat against its larger peer Sberbank.

Analysts said Moos stepping in was positive news for VTB though did not expect significant changes. 

"The changes of that level in the team do not mean the bank's business model as a whole to be changed" Natalia Orlova, analyst at Alfa Bank said.

Domestic media speculated that an internal conflict wasbehind Tsekhomsky's departure, but banking sources and sourceclose to Tsekhomsky told Reuters he had not been sacked.

"We highly appreciate Nikolay Tsekhomsky's contribution toturning VTB into an international public financial group and wish him further success" Andrei Kostin, chairman of VTB's management board said in a press release.

Moos is currently CEO of VTB Capital, the investment banking arm of VTB Group. His last position at Lehman had been chief financial officer, Asia-Pacific ex-Japan, and treasurer, Asia-Pacific.

State-controlled VTB has posted a worse-than-expected net loss of 20.5 billion roubles ($648.7 million) for the first quarter of 2009 as bad loans have risen.

The government recently pumped 180 billion roubles ($5.70billion) of fresh capital into the bank. ($1=31.60 Rouble)

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