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Report: VEB appoints top managers at Globex, Sviaz-Bank

ViktorShevchenko will be named president of Vnesheconombank unit Globex Commercial Bank JSC, replacing Vitaly Vavilin, Kommersant reported Oct. 6, citing sourcesclose to the banks.

Inaddition to Vavilin, Globex First Vice President Oleg Nikanov will also leavehis post.

Meanwhile,Sergey Malyshev will be appointed management board member and retail businesshead at another VEB unit, Interregional Bank for Settlements of the Telecommunications &Postal Services, or Sviaz-Bank. He will replace current managementboard deputy head Olga Oleynik.

Theappointments suggest that VEB is struggling to sell the two units and wantstrusted managers to take over problematic areas of their businesses and preparethem for the plannedsale, the newspapernoted, citing local analysts.

and B&N Bank (PJSC)'s beneficiary shareholder MikailShishkhanov were reportedly interested in the two banks, but the sale fellthrough as due diligence showed that a 30 billion Russian ruble capital hikefor Globex and a 16 billion ruble capital increase for Sviaz-Bank will not be sufficient to ensureadequate provisions for bad loans held by the banks.

As of Oct. 5, US$1 wasequivalent to 62.47 Russian rubles.