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August 10, 2022

Ex-IMF head Strauss-Kahn joins Rosneft Bank

Dominique Strauss-Kahn, who headed the International Monetary Fund for four years and was France’s finance minister for two, has been appointed to the supervisory board of Russian Regional Development Bank, owned by Russian state oil giant Rosneft, Bloomberg reported, quoted by themoscownews.com. The bank’s regulatory filing confirmed this information but Rosneft made no confirmation yet. Rosneft became the largest listed oil firm by production in the world after it took over TBK-BP, an Anglo-Russian oil venture, last March. The said deal was valued at USD 55 billion. Strauss-Kahn left the IMF in 2011 amid allegations that he sexually assaulted a hotel maid in New York. Prosecutors later dropped the case on grounds that physical and character evidence was inconclusive. The Russian Regional Development Bank had 83 billion rubles (USD 2.5 billion) in assets at the start of this year, according to its website. The lender has reportedly ramped up a focus on corporate and consumer banking, and three top hires from investment bank Morgan Stanley have recently left after less than a year on the job. Rosneft chief Igor Sechin, a reputed ally of President Vladimir Putin, had reportedly hired the Morgan Stanley executives to help hedge against oil risk.

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