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Sunday, August 20, 2017

Rosbank CEO Olyunin reelected to board of directors

Shareholders of Russia's Rosbank reelected its board of directors, including CEO Dmitry Olyunin, at a special meeting on March 6.

The reelection of the board reflects recent changes in Rosbank's joint stocks. Société Générale Group, the bank's leading shareholder, signed a framework agreement with VTB Group for the acquisition of VTB's 10 percent stake in Rosbank in December, increasing its own stake in Rosbank to 92.4 percent.

The move was part of an effort by Société Générale to strengthen its position in the Russian market.

Rosbank's assets are the ninth-greatest among Russian banks. Headquartered in Moscow, Rosbank is registered as an open joint-stock company. It merged with another Russian subsidiary of Société Générale, Banque Société Générale Vostok, on July 1, 2011.

Société Générale is France's third largest bank by total assets and the eighth largest bank in Europe. It is split into three major divisions - retail banking and specialized financial services, corporate and investment banking, and global investment management and services.