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Report: Russian central bank deputy head to join VTB

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Report: Russian central bank deputy head to join VTB

TheCentral Bank of the RussianFederation's deputy governor, Mikhail Sukhov, who is set to leavethe post Oct. 17, will join state-controlled JSC VTB Bank as management board deputy chairman, Vedomosti reported Oct. 10.

AVTB representative reportedly said the appointment still needs the approval ofthe supervisory board, but added that Sukhov "was invited" to jointhe bank by CEO Andrey Kostin after consultation with the supervisory boardchairman.

Sukhovwill be responsible for improving VTB's banking practices in connection withthe gradual transition to Basel III, as well as tax policy and other financialissues.

Sukhov,who oversees systemically important lenders at the central bank, is leaving hiscurrent post after a banking supervision overhaul at the beginning of October.