Alexei Yelagin appointed President and Chairman of the Board of Sarovbusinessbank
Alexei Yelagin was appointed President and Chairman of the Board of Sarovbusinessbank on 16th January. The decision was made by the board of directors of the lending institution. Irina Alushkina, who held the position previously, will continue to serve on the board of directors.
Alexei Yelagin was born in Krasnogorsk in 1971. He graduated from the Finance Academy of the Government of the Russian Federation with a degree in Finance and Credit. He began his career in the banking sector in 1999 at Home Credit Bank. From 2010 to 2013, he worked at TransCreditBank as Retail Risk Director, Vice President and board member. From 2013 to 2014, he held the position of Executive Director of the Lending Directorate — Senior Vice President, and board member of Russian Standard Bank. From 2014 to 2016, he was Deputy Chairman of the Board of Absolut Bank. He has been at VTB Group since 2018.
As President and Chairman of the Board of Sarovbusinessbank, Alexei Yelagin will oversee the work of all departments and be responsible for the operations management of the lending institution and its financial performance. The development will continue through consolidation of the integrated bank’s position in the regional market.
VTB recently closed a deal to acquire 81% of Sarovbusinessbank’s shares. The bank will make a binding offer to minority shareholders to repurchase the remaining stake. The integration is expected to be complete in 2020, when Sarovbusinessbank will become a part of the VTB brand. The Sarovbusinessbank team, which has extensive experience in the Nizhny Novgorod Region, will be retained and reinforced by VTB managers.