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Report: Russia's Cetelem to reappoint former management board chairman

Andrey Lykov is set to be reappointed as management board chairman at Cetelem Bank LLC, controlled by PAO Sberbank of Russia, Kommersant reported June 2, citing sources at Cetelem.

Having failed to fulfill all tasks set by the parent, Lykov left his post in June 2016 and was replaced by Sergey Larchenko. However, the personnel changes did not improve the lender's business performance, and Sberbank decided to put Lykov and his management team back in charge, the newspaper said.

Sberbank has a 79.2% stake in Cetelem, while BNP Paribas SA owns 20.8% of the Russian unit.