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Absolut Bank to appoint new management board chair as part of strategy shift

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Absolut Bank to appoint new management board chair as part of strategy shift

The board of directors of Absolut Bank (PAO) recommended to appoint management board Deputy Chair Tatiana Ushkova to the post of chair of the management board, the lender said Feb. 5.

The appointment of Ushkova, who oversees the lender's retail business, follows the implementation of a new development strategy with a focus on retail business and the provision of transaction services to small and medium-sized businesses, Absolut Bank said.

Ushkova will replace Andrey Degtyarev, who will continue to serve as a member of the board of directors.

The bank also said in a Feb. 2 filing that its board of directors will recommend its shareholders to increase its authorized capital by 1.7 billion Russian rubles to 7.1 billion rubles via the issuance of 173,110,214 ordinary shares with a par value of 10.0 rubles and an offering price of 34.66 rubles apiece.

The shares will be acquired by Transfingroup, Trinfico and Leader, which manage assets held at Russian nonstate pension fund Blagosostoyanie. The shareholders meeting will take place March 6, the lender noted.

As of Feb. 2, US$1 was equivalent to 56.44 Russian rubles.