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Otkritie Holding names management board chairs for units as part of integration plans

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Otkritie Holding names management board chairs for units as part of integration plans

said April1 that Elena Budnik was appointed management board chair at ,replacing Evgeny Dankevich, who was named management board chairman atOtkritie Financial CorporationBank.

Priorto the appointment, Budnik worked as management board chair at , where shewill be replaced by Nikolay Mylnikov, the lender's current head of specialprojects.

Theappointments of Budnik and Mylnikov will come into effect after their approvalby the Russian central bank. Until then, Khanty-Mansiysk Otkritie Bank'smanagement board member, Marianna Magtesyan, and Trust Bank's management boarddeputy chairman, Sergey Stognienko, will serve as respective acting chairs ofthe two lenders.

OtkritieHolding also said that the appointment of Dankevich as management board chairmanand Dmitry Romaev as supervisory board chairman at Otkritie FC Bank will becomeeffective April 2.

Theannounced moves constitute part of the integration process of Otkritie Holding's bankingassets. Following the changes, Romaev will focus on strategic development ofOtkritie's banking group, while Dankevich will be responsible for operationalmanagement of Otkritie FC Bank and the development of a plan for furtherintegration of Otkritie Group's banking business. As management board chair ofKhanty-Mansiysk Otkritie Bank, Budnik will focus on Otkritie Group's retailbusiness development.

TrustBank will continue to operate as a separate legal entity, with the new chairmanbeing responsible for operational management of the lender and recoveringdistressed assets.