As a result of Bank of Moscow board meeting held on 24 February 2011 VTB president and chairman Andrey Kostin was elected the chairman of Bank of Moscow's board of directors. His first deputy Mikhail Kuzovlev became the first vice-president at Bank of Moscow.
“In my new position, I will focus on the bank’s efficiency with respect for the rights and interests of its shareholders, - said Andrey Kostin. As a key financial partner of the city of Moscow, Bank of Moscow traditionally supports economic and social programs. Our task is to reinforce the most important social projects of the city, including social benefits and utility payments”.