By  Trend

Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov may be re-elected to the Supervisory Board of Russia’s VTB Bank, Trend reports with reference to the website of the Russian government.

Movsumov’s candidacy as an independent director was nominated as part of compilation of a new list of members of the Supervisory Board.

Other candidates for election to the Supervisory Board are Finance Minister of Russia Anton Siluanov, Deputy Minister of Economic Development of Russia Azer Talibov, President - Chairman of the Board of VTB Bank Andrey Kostin, CEO of Nord Stream 2 AG Arthur Matthias Warnig. A total of 17 candidates were nominated.

SOFAZ owns a 2.95 percent stake in VTB Bank, which is one of the biggest Russian banks. The cost of this acquisition amounted to $500 million.

VTB Bank PJSC is represented in Azerbaijan through its subsidiary, VTB Bank (Azerbaijan) OJSC.