VTB to back holders of over 70% of Bank of Moscow shares for election of president

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VTB to back holders of over 70% of Bank of Moscow shares for election of president

MOSCOW. April 8 (Interfax) - VTB has undertaken to support the majority of Bank of Moscow shareholders, who will be electing a president for the lending organization at an EGM slated for April 21 and for which the voting bulletins have already gone out, VTB President and CEO Andrei Kostin said on Friday

"More than 70% have voted for Mikhail Kuzovlev [who represents VTB interests]," Kostin said at a press conference held at the Bank of Moscow central office. "There are no legal impediments [to Kuzovlev's election]," he said.

Kostin also said he does not see any major outflow of funds from Bank of Moscow depositors amid the corporate conflict surrounding the bank.