Deputy chairman of Russia's MCB overseeing corporate division appointed acting head

MOSCOW. Nov 27 (Interfax) - Maxim Korzhov, deputy chairman of the board at Moscow Credit Bank (MCB), has been appointed acting chairman, MCB said in a press release.

He replaces Nikolai Katorzhnov, who had led the bank since June 2022. "Nikolai Katorzhnov requested that the supervisory board relieve him of his position as chairman of the board. Nikolai's decision is due to personal circumstances incompatible with the workload of this role," MCB said.

Katorzhnov will remain with MCB as an advisor on international business and foreign economic activities.

As deputy board chairman, Korzhov oversees corporate client relations. He has been with MCB since 2019 and played a key role in establishing the bank's corporate and investment division.

"MCB's strategy as a universal financial institution remains unchanged. The bank will continue developing its core areas: corporate and investment banking, small and micro-businesses, retail, and private banking," it said.

MCB is the main financial asset of the Rossium group. In October 2024, Roman Avdeyev, long considered Rossium's principal owner, transferred his stake to entities linked to Sergei Sudarikov, one of the major beneficiaries of the Region group.

Katorzhnov was a minority shareholder of Rossium. His company, Lunaray Investments Ltd., acquired a 9.9% stake in Rossium in September 2017. Rossium has not disclosed its ownership structure in recent years.

As of Q3 2024, Moscow Credit Bank ranked 7th in terms of assets in the Interfax-100 ranking by Interfax-CEA.