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Report: Sanctions-hit executive to head Promsyvazbank's defense sector division

Oleg Minaev, a board of directors member and former management board chairman at Joint Stock Bank Sobinbank, was appointed head of PAO Promsvyazbank's division working with defense sector companies, news agency RBK reported May 29.

Minaev confirmed the appointment, which took place at the beginning of May. Both Sobinbank and Minaev have been on the U.S. sanctions list from 2014 and 2016 respectively, the news report said.

Promsvyazbank, which was selected to service local weapon-makers to shield other lenders from potential sanctions, was also recently joined by five other managers. Sergei Pegasov came from Bank Rossiysky Capital (JSC) to oversee Promsvyazbank's IT division, while former Vnesheconombank executives Mikhail Dorofeev and Sergei Malyshev were appointed heads of the legal division and the retail/digital business division, respectively. In addition, Mikhail Sorokin and Boris Yaryshevsky from the Russian Export Center were appointed heads of the bank's corporate and strategy divisions.