On 7 July 2005, a meeting of Vneshtorgbank`s Supervisory Council took place - the first one after the shareholders` annual meeting. Finance Minister Aleksey Kudrin was re-elected Chairman of the Supervisory Council.
Also, the Supervisory Council approved the nomination of Senior Vice President, Head of Credit Department Konstantin Kozhevnikov and Senior Vice President, Head of Corporate Development Department Yulia Chupina for electing members of Vneshtorgbank`s Management Board upon agreement with the Bank of Russia.
Besides, the Supervisory Council gave their approval for VTB to purchase an additional issue of common registered shares of its subsidiary retail bank, which is to start operating under the Vneshtorgbank 24 brand on August 1, 2005. Under this decision, Vneshtorgbank shall channel up to RUR9 billion into increasing capitalization of its subsidiary.
Decisions to open Vneshtorgbank`s branches in Murmansk, Novosibirsk and Orel were also made at the meeting.