By Andrei Skvarsky
Moscow-headquartered bank KIT Finance, one of the companies under the sway of rail monopoly Russian Railways (RZD), has elected a new board of directors, handing the reins of chairmanship to Yury Novozhilov, president of RZD-controlled TransCreditBank.
Novozhilov and five others on the seven-member board, elected at an annual shareholders’ meeting on June 30, represent RZD or companies controlled by it. The only outsider is George Abdushelishvili, senior partner at Moscow-based recruitment agency Ward Howell International, according to a KIT press release.
Taken over by TransCreditBank recently, KIT Finance has lost much of its profile last month as after the KIT Fortis JV was renamed TKB BNP Paribas Investment Partners.
God only knows whey the are hanging onto the KIT name for brokerage activities and for its London operation. KIT was bailed out by Russian railways and state miner Alrosa during the financial crisis of late 2008.
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