PM Changes Supervisory Councils of State Banks

Russian Prime Minister Mikhail Kasyanov decided to make changes in supervisory councils of two state banks, Vneshtorgbank and the Russian Bank for Development, the Prime Minister's press secretary Tatyana Razbash reported today. Russian Finance Minister Alexey Kudrin was appointed to the head of Vneshtorgbank's supervisory committee. Previously, current Chairman of the Russian Central Bank Sergey Ignatyev occupied this position. A similar post at the Russian Bank for Development has been passed to Russian Economy Minister German Gref; earlier, this position was supervised by the Prime Minister.

In connection with the new appointment at Vneshtorgbank, the press secretary mentioned that recently, the Central Bank had passed shares in this bank to the government. Now, the bank is to operate as a commercial one. Additionally, the further privatization of Vneshtorgbank is currently being discussed. The press secretary also pointed out that the European Bank for reconstruction and Development could become one of Vneshtorgbank's shareholders.

Razbash stressed that the fact that Kasyanov had previously been in charge of the supervisory council of the Russian Bank for Development, was connected with "the period of the bank's formation". Now that the goals and the lines of the bank's activities suggest investment activities, Gref's appointment to the head of the bank's supervisory committee corresponds to achieving the mentioned goals.

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