VAB Bank Supervisory Board appointed Mr. Denys Maltsev the Management Board chairman on 25 November 2011. Mr. Maltsev has been VAB Bank Management Board deputy chairman since earlier this year.
Effective November 25, Denys Maltsev will remain acting chairman, with the full scope of authority vested in a bank CEO by the Ukrainian law, pending formal approval of his tenure by the National Bank of Ukraine.
By its same resolution the Supervisory Board dismissed Mr. Peter Baron who had been running the Bank since 2008.
“I am proud of what the Bank has been able to achieve – among other things, of the truly unique products offered to the Ukrainian market in the recent years, as well as of new competitive advantages and an unparalleled image of VAB as a reliable, friendly, and dynamic bank,” VAB Bank ex-chairman Peter Baron said.
“No change of strategy will follow the Bank chairman replacement. VAB Bank will continue strengthening its market stance as a cross-functional and innovative bank, expanding financial service capabilities, improving customer service quality, and developing the product line based on state-of-the-art technology,” Mr. Denys Maltsev, the new VAB Bank chairman, emphasised in describing the Bank’s priorities.
Reference data
Vseukrainsky Aktsionerny Bank (VAB Bank) has been in the market since 1992 and is categorised as a large financial institution by NBU (the Ukrainian central bank). As of 01 July 2011, the Bank’s regulatory capital reached UAH869.7m and net assets UAH7.74bn. VAB Bank participates in the ATMosphere consolidated ATM chain covering in excess of 3900 cash machines across Ukraine.
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