23 Mar 2022 11:48

Russian govt proposes reappointing Kostin as VTB president, board chairman for another 5 years

MOSCOW. March 23 (Interfax) - The Russian government has proposed reappointing Andrei Kostin as president and chairman of the executive board of VTB , the bank said in a statement.

The government has sent the corresponding directive to VTB's supervisory board on extending Kostin's authority as VTB president for the next five years.

"VTB Bank, under the leadership of Andrei Leonidovich [Kostin], has acquired the status of a systemically important financial institution, and has become a reliable partner for millions of customers and the country. I am sure that Andrei Kostin's professionalism and experience will assist the bank in adequately handling the current challenges, and that he will do everything necessary to protect the interests of customers and reconfigure the group's operations, taking into account the latest conditions," Deputy Prime Minister and Government Chief of Staff Dmitry Grigorenko said in the statement.

The government owns the controlling stake in VTB, whose charter stipulates that the bank's supervisory board appoints the president and chairman of the executive board, and sets the term of authority, once the government has approved the corresponding directive.