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B&N Bank forms new boards as interim administration ends

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B&N Bank forms new boards as interim administration ends

New boards were elected at B&N Bank to take over its management from temporary administrators appointed following the September 2017 bailout of the lender.

Sergey Shevchenko, who had led the central bank-appointed temporary administration, was named chairman of the management board, while Sergey Prusakov and Tatyana Sakharova joined the board with responsibility for operations/IT and corporate business, respectively, the lender said March 26.

In addition, Otkritie Financial Corp. Bank CEO Mikhail Zadornov was appointed chairman of the board of directors at B&N Bank. The board of directors also includes Shevchenko, Alexander Pakhomov, Alexander Poluyanov, Veniamin Polyantsev, Sergey Rusanov and Svetlana Savinova.

The lender, which will be merged with Otkritie Bank, noted that following the recent acquisition of its shares by the Russian central bank, it meets all required capital adequacy ratios and its capital exceeds 100 billion Russian rubles.

As of March 26, US$1 was equivalent to 57.39 Russian rubles.