In compliance with a decision by the Supervisory Council of a retail subsidiary of Vneshtorgbank, Mikhail Zadornov took up his post as Chairman of the Board and CEO of Vneshtorgbank Retail Services. This financial institution will start its operations under the Vneshtorgbank 24 brand on August 1, 2005. The nomination of Mikhail Zadornov was agreed with the Bank of Russia, and on July 8, 2005, the State Duma of the Russian Federation passed a decision to relieve Mikhail Zadornov of his deputy powers due to his new appointment.
"Professionally, it`s a challenge to head this new bank - there are no precedents of a project like that on the Russian market. In terms of its importance and volume of resources involved, the project is of a countrywide scale. Diversification of business within the VTB Group corresponds to the global trends and is sure to enhance both efficiency and competitive strength of the new bank. Success of the project is underpinned by a number of advantages that will drive the Bank to the leading edge of the banking market, among them customer orientation, a universal product line, seamless technologies of a global scale, and a nationwide network based on a high reliability of a state bank and transparency of its business", - said Mikhail Zadornov, Chairman of the Board and CEO of Vneshtorgbank Retail Services.