November 14, 2017 / 8:00 AM / 2 years ago

Executive with Rosneft ties to join Credit Bank of Moscow

MOSCOW, Nov 14 (Reuters) - Mikhail Polunin, a banker linked to Russian state oil major Rosneft, will be moving to a senior role at Credit Bank of Moscow, the lender said in a statement, further cementing ties between the oil company and the bank.

Until February this year, Polunin was vice-president at the Russian Regional Development Bank (RRDB), part of the Rosneft group. In June, RRDB took over the troubled bank Peresvet, which was controlled by the Russian Orthodox Church, and Polunin became the head of Peresvet.

At Credit Bank of Moscow (CBM), he will be responsible for developing relations with the bank’s strategic investors and improving communication between departments responsible for corporate clients, CBM said. The bank did not say what title Polunin will have.

Privately-owned CBM, among Russia’s top ten banks by assets, said last month that two Rosneft units have injected 22 billion roubles ($369.7 million) into the bank’s capital.

CBM is not subject to sanctions, while two banks that Rosneft has usually dealt with in Russia, VTB and Gazprombank, are both sanctioned.

$1 = 59.5100 roubles Reporting by Elena Fabrichnaya; writing by Katya Golubkova; Editing by Christian Lowe

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