Mikhail Polunin was named the new president of JSCB for Charity and Spiritual Development of Fatherland PERESVET.

The executive is the former vice president of JSC Russian Regional Development Bank, which took control of Peresvet after the launch of a financial recovery procedure for the lender.

The new owner also said in its Aug. 14 filing that a new board of directors, which includes the representatives of Russian Regional Development Bank, was appointed at Peresvet.

The financial recovery procedure was launched for Peresvet by the Russian central bank in April, and Russian Regional Development Bank was selected by the regulator at the time to oversee the financial recovery process. The central bank allocated almost 67 billion Russian rubles of financing for Peresvet under the financial recovery procedure, while around 70 billion rubles were provided by its corporate creditors.

As of Aug. 11, US$1 was equivalent to 59.96 Russian rubles.