29 Aug 2022 19:18

Gerasimova replaces Klimova as CEO of Western Union's Russian subsidiary

MOSCOW. Aug 29 (Interfax) - Olga Gerasimova, vice president of Western Union's Russian subsidiary until recently, has replaced Tatyana Klimova as the company's CEO, according to data in the Unified State Register of Legal Entities.

Klimova was CEO of the company from March 2020 until her replacement.

Gerasimova graduated from Moscow State Pedagogical Institute and received her master's degree in linguistics in 2004. In 2005, she began working at Western Union DP Vostok non-bank financial company as director of the compliance control department in the Commonwealth of Independent States (CIS) countries and Eastern Europe. Until 2018, she was engaged in developing policies and procedures for anti-money laundering and combating the financing of terrorism. Since July 2020, she was vice president of the company.

Western Union announced the suspension of operations in Russia and Belarus on March 10 owing to the situation in Ukraine, having operated in Russia as Western Union DP Vostok non-bank financial company. As of March 24, the company has been excluded from the register of payment system operators.

Western Union posted net profit of 817.5 million rubles to International Financial Reporting Standards (IFRS) in H1 2021, a four-fold surge year-on-year against 204.2 million rubles in H1 2020.

Western Union provides payment services, including money transfers. The company was founded in the United States in 1851, and has about 600,000 branches in 200 countries.