Bank Severnaya Kazna’s former top managers are apparently accusing the bank’s former BOD Chairman Vladimir Frolov of destroying the business. At least, that is what Leonid Bratsev, Valery Malkov, Sergey Kuroptev, and Evgeniy Parfenov said to a Delovoy Kvartal interviewer.

The managers claimed the bank never needed any financial recovery at all and was quite capable of coping with the difficult circumstances on its own. The only reason Bank Severnaya Kazna was sold to Alfa-Bank was the decision taken by the BOD Chairman and majority stockholder Vladimir Frolov, they feel.

The former bank executives also said that at least four banks were willing to acquire the business: Alfa-Bank, the Moscow Bank for Reconstruction and Development, Promsvyazbank, and Probusinessbank. They claim the agreement with Sistema (the owner of the Moscow Bank for Reconstruction and Development) was signed on November 27, 2008 and was canceled at the last minute. As a result, the bank was sold to Alfa-Bank, with the latter intending to take over the bank and having it broken up.