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Report: Bank of Moscow shuffles management board as part of reorganization

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Report: Bank of Moscow shuffles management board as part of reorganization

will reduce thenumber of management board members to three from six as of June, Kommersant reported April 7.

Thescaled-down board will comprise Chairman Gennadiy Soldatenkov; SvetlanaTolkacheva, who is in charge of investment business; and new member AndreiKlopotovsky, who will oversee corporate risks. He will replace Maria Minayeva,who is leaving the group, the newspaper noted.

DmitriySnesar, Tatyana Golodets and Vladimir Verkhoshinsky will leave Bank of Moscow'smanagement board but continue to work for VTB Group. Verkhoshinsky, who overseesretail business at Bank of Moscow, will join the board of .

Themanagement board changes are associated with the ongoing process ofrestructuring Bank of Moscow, as a result of which the healthy part of thelender will be merged into VTB. The integration process was launched in Marchand is expected to be completed in May.

Afterrestructuring and transferring quality assets to VTB, Bank of Moscow will focuson implementing its financial recovery plan and recovering bad loans issued byits previous ownersprior to its takeover by VTB, the report said.