Denis Nozdrachev will step down as chairman of the management board at Interregional Bank for Settlements of the Telecommunications & Postal Services, or Sviaz-Bank, on Aug. 8, Kommersant reported Aug. 7.

Nozdrachev could be replaced by Alexander Chernoshchekin, who oversees work with small and medium-sized businesses at PAO Promsvyazbank, the newspaper said, citing sources familiar with the situation at Sviaz-Bank.

The Russian government decided earlier in 2019 to transfer Sviaz-Bank from State Development Corp. VEB.RF, which currently controls the bank, to Promsvyazbank, to boost the latter's capital.