KOMMERSANT. Andrei Manoilo, on receipt of CBR’s refusal to agree upon him as My Bank’s management board chairman, has become the lending institution’s president, several sources on the financial market told Kommersant business daily.
“At present, he makes all crucial decisions at the bank, although he is not a management board member and has no signing authority,“ said a source, adding all decisions are formally taken by the bank’s acting management board chairwoman Kira Andrianova, but it’s clear that she won’t argue with the president. “Apart from the president position Andrei Manoilo also took the post of the bank’s credit committee head where he has the opportunity to control the committee’s activity even without being formally the bank’s chief executive,” another source said. Manoilo’s new position has not yet been indicated on the bank’s website and it was only indicated that in early July the bank’s shareholders elected him as a deputy board chairman at My Bank (he became a board member back in January).
Manoilo himself confirmed information saying he is presently the bank’s president. The bank’s shareholders called him to do what he can do the best, i.e. to enhance technology platform of the bank’s activity, and this in no way overlaps what is done by the management board chairman, duties of which are fulfilled by Andrianova. In addition, he also confirmed his seat in the credit committee.
Previously Andrei Manoilo led National Reserve Bank. A reason for the refusal by the Moscow Chief Territorial Directorate to satisfy My Bank’s request to approve Manoilo as the management board chairman, according to Kommersant, could be the regulator’s orders, received at Manoilo’s previous place of employment. In this case the regulator, as a rule, gives no consent for the appointment of a management board chairman and a management board member. For the record, National Reserve Bank imposed limits on the highest amount and growth rate of retail deposits.
Meanwhile, experts point out that “the bank’s real management, despite CBR’s refusal to approve a candidature, is rare practice, admitting that such activity may be legal if the position stipulates no authority to sign important documents.
