The government extended Andrey Kostin’s powers as the head of VTB

Kostin’s powers as the head of VTB will be extended for another 5 years, the government decided. In January, the bank suffered losses due to the geopolitical situation, in February it fell under blocking US sanctions, and in March it was disconnected from SWIFT

The government approved a directive on the reappointment of Andrey Kostin to the post of president – chairman of the board of VTB Bank, the bank said in a statement received by RBC.

The directive on the extension of powers for the next five years was sent to the Supervisory Board of the bank, it was signed by Deputy Prime Minister, head of the government apparatus Dmitry Grigorenko. Grigorenko is also a member of the VTB Supervisory Board. According to the official, under the leadership of Kostin, VTB has acquired the status of a systemically important financial institution, and he will be able to “decently cope with the current challenges” and “reconfigure the work of the group taking into account the new conditions.”

According to the charter of VTB, the controlling stake of which is owned by the state, the appointment of the president-chairman of the board and the determination of his term of office falls within the competence of the bank’s supervisory board after the government approves the relevant directive.

Kostin has been working at VTB since 2002, has been a member of the bank’s supervisory board since November 29, 2002, and since June of the same year – president – chairman of the board of a financial institution.

VTB Bank is the second largest Russian bank in terms of assets and is part of the group of companies of the same name. As of the end of the first quarter of 2021, VTB had 18.6 trillion rubles. assets and subsidiary or associated banks in Belarus, Armenia, Kazakhstan, Azerbaijan, Georgia, Germany and the UK.