Rosneft today announced the creation of a strategic advisory group that will consolidate the financial assets of Rosneft and launch a full service financial institution.

The group composed of Rair Simonyan, Elena Titova and Walid Chammah will directly advise the President of Rosneft.

Igor Sechin, President and Chairman of the Management Board of Rosneft, said:

“At this stage Rosneft needs such financial institution that will increase our ability to attract the most qualified professionals, implement the best corporate governance practices, adapt the most advanced technologies and provide the most efficient and effective financial services possible. This Advisory Group will lead planning and execution to make that happen.”

Rair Simonyan said:

“It is a privilege to work with Rosneft on the creation of a new financial institution. This is a team with deep expertise, experience and an impeccable reputation in the global financial services, and includes my long-standing partners Elena Titova, former President of Morgan Stanley Bank, Russia, and Walid Chammah, former global Co-President of Morgan Stanley and Chairman of Morgan Stanley International."

• Rosneft issued a company order to establish the Advisory Group to the President on November 12, 2012. The group is composed of former Morgan Stanley executives Rair Simonyan, Elena Titova, and Walid Chammah.
• The Advisory Group was requested to establish a full-service financial institution - Rosneft Bank - on the basis of Rosneft-owned financial assets, including the Russian Regional Development Bank. The new bank will be designed to secure effectiveness, degree of control and complete transparency of the financial provision of Rosneft’s strategic areas of growth.
• Rosneft Bank will assist in implementing large-scale international projects, streamline Rosneft Oil Company’s system of crude oil and petroleum products trading and provide a full range of high-quality financial services to individual and corporate clients in the oil, gas and energy sectors.
• Rosneft will nominate Elena Titova for the position of President of the Russian Regional Development Bank and appoint Rair Simonyan, Elena Titova and Walid Chammah to the new Supervisory Board of the Bank.