Vasily Belov was appointed management board chairman at OJSC CB Solidarity, the Russian lender said June 2.

Belov was previously president of Russian lender Kranbank, where he will continue to serve as a member of the board of directors.

The new appointment is aimed at improving the efficiency of Bank Solidarity's management system and implementing its financial recovery plan. Kranbank and Russian company Zarubezhenergoproekt were elected by the Russian central bank in 2015 to jointly participate as investors in the recovery program launched for Solidarity.