Sberbank Of Russia (PC) (USOTC:SBRCY)
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By Nina Trentmann
A former chief executive of aluminum giant United Co. Rusal PLC will become finance chief of Sberbank, Russia's biggest lender.
The appointment of Alexandra Bouriko, who is expected to join Moscow-based Sberbank on Jan. 1, comes as Russian banks are experiencing heightened domestic demand for loans as U.S. sanctions force Western banks to sever ties with some Russian clients.
Ms. Bouriko, who will hold the title of senior vice president and head of finance, will be responsible for the bank's finances as well as its treasury, accounting and reporting functions, tax planning department, investor relations and data management team, Sberbank said.
Ms. Bouriko will succeed Alexander Morozov, who plans to resign as deputy chairman and head of the finance unit on July 1, 2020, after about 12 years in the role, Sberbank said. Mr. Morozov will assume a new role at Sberbank after a short break, the bank said.
Ms. Bouriko served as the chief financial officer of Rusal from 2013 until early last year, when she spent several months as the company's chief executive. She stepped down amid a leadership shuffle intended to help the company escape the Trump administration's sanctions program.
Rusal faced sanctions because of its association with Russian billionaire Oleg Deripaska, a major shareholder in Rusal's holding company EN+ Group PLC. The sanctions on the company were lifted in January after Mr. Deripaska cut his stake in EN+ Group. The Treasury Department, which oversees U.S. sanctions, doesn't have any record of Ms. Bouriko ever having been placed under sanctions.
After leaving Rusal, Ms. Bouriko became an adviser to Herman Gref, Sberbank's CEO and chairman. Sberbank didn't respond to a request for additional comment.
Write to Nina Trentmann at Nina.Trentmann@wsj.com
(END) Dow Jones Newswires
November 12, 2019 15:21 ET (20:21 GMT)
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