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Orient Express Bank names new acting chairman following shareholders dispute


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Orient Express Bank names new acting chairman following shareholders dispute

Alexander Nesterenko, serving as deputy chairman of the management board and head of the VIP client division at Public Stock Co. Orient Express Bank, was named new acting chairman of the company's management board, the Russian lender said Sept. 11.

The executive replaced Vyacheslav Arutyunyan, who was appointed acting chairman of the management board earlier in September to replace Dmitry Levin. Kommersant reported Sept. 6 that Arutyunyan represented the interests of the lender's second largest shareholder, Russian businessman Artem Avetisyan, who was reportedly in conflict with the bank's biggest shareholder, Baring Vostok Capital Partners.

Evison Holdings, through which Baring Vostok controls 51.6% of the bank, recently launched court proceedings to contest Arutyunyan's appointment, but it promised to withdraw the lawsuit following the latest management board reshuffle at the lender, news agency RBK said Sept. 11.

Arutyunyan will continue to work for the bank as CEO and will focus on business development, Orient Express Bank said. However, RBK cited Baring Vostok as saying that it was not aware of the executive's new CEO role and that Arutyunyan is supposed to work as deputy chairman of the management board responsible for the lender's business with corporate clients and small and medium-sized firms.

Kommersant also reported Sept. 11, citing market sources, that Orient Express Bank's former management board Chairman Dmitry Levin is set to join Otkritie Financial Corp. Bank to serve as head of the lender's financial division.