The position of the management board chairman at M2M Private Bank will be taken by Oleg Safonov, the lending institution reported, specifying the official appointment will take place after his candidature is agreed upon with the Central Bank of Russia.

Safonov accepted an offer to take helm of M2M Private Bank several months ago when the lender’s BoD decided that Robert Idelson, who until recently acted as the management board chairman, will lead a new Latvian project of M2M’s shareholders (Andrei Vdovin, the bank’s co-owner, acquired Latvijas Biznesa Banka on May 21).

Oleg Safonov has been in banking business for over 20 years. He held executive positions at Expobank, Svyaznoy Bank, Master-Bank and some other financial institutions.