July 1, 2011 / 11:30 AM / 8 years ago

Bank of Moscow ex-CEO calls VTB takeover political

MOSCOW, July 1 (Reuters) - The former chief executive of Bank of Moscow MMBM.MM said on Friday he had been ousted by VTB (VTBR.MM) in a political takeover and called a $14-billion bailout of Russia’s No.5 bank shocking.

“I am, like everyone else, shocked at the size of the $14 billion bailout that the central bank has just announced,” Andrey Borodin said in a statement issued by his press office.

“The principal motivation behind the change of control was political. This latest announcement by the central bank that it will provide financial aid to VTB to help deal with alleged and non-disclosed problem loans at Bank of Moscow only further supports this conclusion.” (Reporting by Douglas Busvine)

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