25 Jan 2023 13:19

Deutsche Bank's Russian subsidiary appoints new executive board chairperson

MOSCOW. Jan 25 (Interfax) - Deutsche Bank's Russian subsidiary has appointed a new executive board chairperson, according to the Unified State Registry of Legal Entities (USRLE).

Yelena Gaevaya has been appointed head of Deutsche Bank in Russia, replacing Borislav Ivanov-Blankenburg, who had directed the credit institution since 2017. Gaevaya was on Deutsche Bank's executive board as head of the department for operations with Russian clients. Russian banks in general are not disclosing current information about management.

Ivanov-Blankenburg has worked for Deutsche Bank in Central and Eastern Europe for many years. From 2014 to 2017, he was CEO and chairman of the board at Deutsche Bank in Ukraine. Prior to that, he was head of the Deutsche Bank representative office in Sofia, Bulgaria, where he was responsible for developing and implementing a go-to-market strategy and initiating major corporate transactions.

After February 24, 2022, Deutsche Bank began to reduce risks associated with the Russian market. The bank's additional contingent risk was 200 million euros at the end of the third quarter against 600 million euros three months earlier. Overall loans issued decreased to 1 billion euros from 1.3 billion euros.