VTB, Russia's second largest bank, is launching a 50-man wealth management arm in Moscow as it looks to tap the growing pool of Russian affluent and high net worth individuals, spearheading the nascent Russian private banking sector.

VTB, formerly Vneshtorgbank, officially launched the unit on Friday, but will not open for business until September. The wealth management arm is being run through the bank's retail office, VTB24.