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Russian central bank names board chairman for banking sector consolidation fund

The Central Bank of the Russian Federation's deputy head and board member Vasily Pozdyshev will become chairman of the board of directors at the Management Company of the Banking Sector Consolidation Fund, which is owned by the regulator, Vedomosti reported Dec. 20.

The official will assume the new post from the beginning of 2020 and will report to central bank Governor Elvira Nabiullina. In the new role, Pozdyshev will be responsible, among other things, for the financial recovery and operational activities of bailed-out banks, excluding Otkritie Financial Corp. Bank, and the sale of lenders that completed financial recovery.

Prior to the appointment, Pozdyshev oversaw the central bank's risk analysis, inspection, banking regulation and financial recovery departments. The central bank has not yet appointed a replacement for the executive.