The Eurasian Development Bank (EDB) announced on Monday that the bank's council has appointed Sergei Elagin, a member of the management board and director of treasury, to the position of board deputy chairman.

Forty-three-year-old Elagin began working at the EDB in 2006, after which he later created and headed the treasury division. He has a degree in aeronautics from Moscow State Aviation Institute and received a master's in business administration from the Moscow International Higher Business School, according to a press release.

Elagin has been working in finance since 1994. From 1994 to 1997, he was the deputy director general and director general of the AlmazZolo Investment Company, and from 1997 to 2004, he was the head of securities and financial market operations, as well as CFO, in several Russian banks.

From 2004 to 2006, Elagin headed the liquidity regulation and market risk analysis department in Nomos Bank's treasury division.

The EDB was founded by Russia and Kazakhstan in 2006 to assist the development of market economies and sustainable growth in member countries.