Nikolai Tsekhomsky, chief financial officer of VTB Bank, a Russian bank which provides services including wealth management, has resigned due to investor and state concerns over the results of a recent initial public offering, according to Kommersant, a newspaper.

Mr Tsekhomsky will be replaced by Gerbert Moos, who is employed as chief executive at VTB Capital, VTB said in a statement. Prior to his employment with VTB, Mr Moos spent 14 years with Lehman Brothers.

WealthBriefing was unable to identify the exact reason why Mr Tsekhomsky has left the bank beyond what was mentioned in the newspaper’s report, such as the recent IPO. VTB declined to comment.

The Russian publication said Mr Tsekhomsky will head a subsidiary bank of Barclays, the UK-listed bank.

The Russian government has a controlling stake of 77.5 per cent in the bank. VTB has a wealth management division with RUR 13.8 billion ($441.37 million) of assets under management.