Vnesheconombank announced several executive appointments that the state-owned Russian bank said were aimed at improving efficiency, implementing the lender's transformation and achieving goals outlined in President Vladimir Putin's 2024 economic development plan unveiled in May.

The former head of Bank Rossiysky Capital (JSC), Mikhail Kuzovlev, was appointed first deputy chairman and a management board member, the lender said June 18. He will be responsible for the bank's work with distressed assets and will oversee the activities of Vnesheconombank's investment arm, VEB Capital.

Vnesheconombank also appointed Yuri Gazaryan, Marina Romanova and Konstantin Chagay to serve as deputy chairmen. Gazaryan will be responsible for strategic development, while Romanova will be in charge of VEB's work with small and medium-sized businesses, as well as the procurement activities of the group. Chagay will oversee the transformation of the bank and the entire group.

The lender also said its current first deputy chairman, Mikhail Poluboyarinov, will coordinate international activities, relations with Russian and foreign investors, operations, liquidity management, attracting financing from Russian and foreign capital markets and interbank lending.

First deputy chairman Nikolay Tsekhomskiy will oversee investment activities, the implementation of business decisions, trade finance and lending to Russian exporters.

Serving as deputy chairman, Dmitry Kurdyukov will coordinate the work and operational management of units Globex Commercial Bank JSC and Interregional Bank for Settlements of the Telecommunications & Postal Services and will be responsible for their transformation.

The responsibilities of other deputy chairmen and members of VEB's management board will remain unchanged.