On 17 April 2007, VTB Senior Vice President and Member of the Board Vasily Kirpichov took up a post of Executive Officer of VTB Bank Europe plc. (VTB Bank subsidiary). Steve Tyunem was appointed Head of a World Market Unit that will unite VTB Group fund raising operations in London. Senior Vice President, Head of Subsidiary Bank Liaison Nikolai Kuznetsov will be a Non-Executive Officer of VTB Bank Europe plc.
These amendments in the Board of Directors were made due to VTB Bank strategy revision and future development of VTB Group investment banking on the basis of VTB Bank Europe plc.
Commenting on the appointments, Chairman of the Management Board and Chief Executive Officer of VTB Bank Europe plc. Igor Souvorov said: "We are very pleased with the last changes in the Board of Directors; total experience of the new Directors in the Russian capital market and developing countries in the whole will be most instrumental in promoting investment banking of the Bank. Moreover, such changes will increase our integration with the parent company and are reflective of VTB Group determination to become a leader in the selected target markets".
VTB Bank Europe is a subsidiary of VTB Bank. It is a leading arranger of financing large companies in Russia. As of 31 December 2006, total assets of VTB Bank Europe plc. exceeded GBR 2.1 billion.