RBC Sets Up an International Subsidiary; RBC Establishes a New Subsidiary - RBC International; Former Wall Street Professional Yuri Mostovoy Heads the Company.
MOSCOW--(BUSINESS WIRE)--Sept. 24, 2002
RBC Information Systems (RTS: RBCI; MICEX: RU14RBCI4001) announces that it has obtained regulatory approval from the Russian Central Bank and the Ministry for Economic Development and Trade to create a Netherlands subsidiary.
Former Wall Street IT specialist Yuri Mostovoy will head the newly established, wholly owned entity. Mr. Mostovoy will report to the CEO of RBC.
"Establishing a foreign-based subsidiary of RosBusinessConsulting is an important step in the implementation of RBC's strategy of expansion into Western markets," said German Kaploun, RBC's Chairman of the Board. "Over the last two years we have had very positive experience providing IT services and solutions to these markets. By setting up RBC International and by bringing Yuri Mostovoy, a Wall Street veteran with 25 years of IT and financial expertise, to run this subsidiary, we will be in a strong position to focus on this high margin business."
The establishment of RBC International coincides with a road show in Europe. During the road show, which is being organized by ABD Consulting of Switzerland, RBC will meet with a number of European corporations to provide detailed information on the scope and unique features of RBC's IT programming services.
Yuri Mostovoy is a principal of Interval, LLC (http://www.intervalglobal.com/). Interval offers sophisticated portfolio management systems that work with corporate loans and other fixed income securities. In addition, Yuri Mostovoy is a Co-Founder, Director, and Shareholder of Supercompilers, LLC., (http://www.supercompilers.com/), a company which specializes in new system technology that aims to speed up the execution of Java programs.
Prior to this, Mr. Mostovoy was Global Head of Quantitative Fixed Income Research at Barclays Capital. In this capacity Mr. Mostovoy was leading research and development of the global Fixed Income portfolio management system presently installed in over fifty large European institutional investor firms.
Prior to this, Mr. Mostovoy was involved in investment banking operations in Russia. The team he led successfully raised over $250m in financing for modernization of a major Russian petrochemical facility.
Preceding his work in Russia, Mr. Mostovoy was Vice President at Citibank, New York. As a senior member of the Portfolio Strategies Group he participated in the development of the portfolio approach to bank loan management, which has revolutionized the banking industry. Mr. Mostovoy supervised system development and, with his associates, built the world's first portfolio system to manage both corporate loans and fixed income. This approach was a prototype of the BASEL II compliance system. Mr. Mostovoy's group tested this approach on a US $300m portfolio of corporate loans, bonds and other fixed income securities.
Prior to joining Citibank, Mr. Mostovoy was the Head of Development in the Fixed Income Quantitative Research Department at Lehman Brothers. At Lehman, Mr. Mostovoy oversaw the development of sophisticated, analytically based portfolio management technology for corporate and government bonds, mortgages, CMOs, and derivative products.
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|Date:||Sep 24, 2002|
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