Polovets joins Uralsib from TNK-BP to set course for IPO.(MARKET NEWS & TRADING PLACES)(Stan Polovets)
Uralsib, one of Russia's five largest banks, has hired Stan Polovets from TNK-BP to improve its corporate governance, transparency and management. The bank is trying to attract a strategic foreign investor before an IPO.
Polovets, who was educated in the US, was at TNK-BP for five years and worked on the $6.15bn merger of Russia's TNK with BP in 2003. At Uralsib, he has been appointed first vice president and member of the management board.
"Uralsib is the largest private Russian financial corporation measured by capital," said Polovets. "It is facing the same challenges that TNK faced in 2001-02 before its merger with BP--how to effectively integrate the many companies it had acquired, create an effective system of corporate governance, develop roles and alliances with leading multinationals and eventually transform itself into a public company with a diversified ownership structure. …
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