Andrey Borodin
Andrei Borodin Fridrichowitsch (Russian: Андрей Фридрихович Бородин, even Andrey Borodin transcribed; born May 24, 1967 in Moscow ) is a Russian banker. By 2011 he was president of the Bank of Moscow. After the takeover of Bank of Moscow by the controlled by the Russian government VTB Borodin was dismissed as president. After Borodin's information, the takeover was politically motivated and illegal. He currently lives in London. The Russian authorities accuse him of mismanagement during its responsibility for the Bank of Moscow before.
Education and Career
After his military service Borodin studied International Economics and Finance at the Moscow Financial Institute, where in 1990 he graduated. 1989/90 he studied at the University of Passau. For the Dresdner Bank, he worked in a 18- month training course in Dortmund, after which he worked in the Frankfurt headquarters of the bank. He left the Dresdner Bank in late 1993 and worked from March 1994, the Moscow city government as an economic and financial advisor to the Mayor Yuri Luzhkov. His connection to Luzhkov, who since his dismissal as Mayor of Moscow by Dmitry Medvedev in 2010 a persona non grata in Russia, certain Borodin's rise and its current problems.
Bank of Moscow
As a six -person company founded in 1995 by the Moscow City Government, the Bank of Moscow was originally held a stake of 51% to become the market leader in Russia, at the Borodin. Under the leadership of Borodin and with the political support of Luzhkov's Bank mastered the crisis of 1998 and grew up in following quickly from a local bank for the city administration to a nationwide bank with a much larger customer base and a wide range of services.
The bank was increasingly independent of the city government, which reduced its stake in 2008 to 46.6 %, and accordingly took less influence on the composition of the Board. While the Bank expanded acquired Borodin and his partner Lew Alualew substantial proportions. The Bank of Moscow enjoyed the confidence of international markets, acquired Goldman Sachs and Credit Suisse 2010 smaller shares ( 3.88% and 2.77 %).
Takeover
In December 2010, before the sale of the municipal share held, the Court of the Russian Federation had announced at the behest of Mayor Sobyanin a review. The resulting investigation a loan in favor of Premier Estate Company later became the basis of the criminal charges against Borodin. VTB acquired the urban shares in late February 2011. Borodin put the legality of this purchase in several points in question, among other things, the stock price had been artificially driven up. Borodin and his allies were dismissed, chairman of VTB Andrei Kostin was Chairman of the Bank of Moscow and his deputy whose president. Borodin asked that its outstanding content of a he founded charity for children should be paid, what did not happen.
In April 2011, he announced that he and Lev Alaluyev sold their share of total of 20.32 %. Andrey Borodin sold his shares to Vitaly Yusufov, the son of former Russian Energy Minister Igor Yusufov. Vitaly Yusufov funded this purchase with a loan of $ 1.1 billion from the Bank of Moscow. Borodin commented in this regard that he had been put under pressure to accept a sale price that was substantially below the market value. In addition Yusufov had appeared as a middleman by President Medvedev, who had ordered the "politically " motivated takeover of Bank of Moscow. In July 2011 Yusufov sold the shares to VTB, which controlled more than 80 % of the shares in the Bank of Moscow in September 2011.
Emergency credit and criminal charges
Following the acquisition gave the VTB and Finance Minister Alexei Kudrin, who was also the supervisory board of VTB during the takeover, announced that a study of the Central Bank have revealed that 150 of the 250 billion rubles committed loans that Borodin had to answer, lazy and are not backed up. This accusation was clearly rejected by Borodin. An indictment in Russia against Borodin refers to a loan of 12.8 billion rubles, which was awarded to by Yelena Baturina, wife of Yuri Luzhkov and Millardärin, controlled Premier Estate Company 2009. In July 2011, the Russian Central Bank announced that the Bank of Moscow will receive a government bailout loan of $ 14 billion.
Besides the obvious connection with the political fate of Luzhkov and the entanglement of Kudrin Borodin argues that oddities in the sale indicate that the acquisition of political reasons had been made against economic concerns. So he did, for example, on 22 March 2011 to 8 April made a valid offer to take over the VTB- share at the same price it had paid. Despite the losses, the VTB would have discovered in the meantime, it did not respond to this offer.