Oleg Safonov has taken office as the management board chairman at M2M Private Bank. As the lending institution said in a press release, his candidature was agreed upon with the Bank of Russia on August 5.

Earlier this year the bank’s board of directors decided that once management board chairman Robert Idelson will lead a new Latvian project of M2M shareholders.

Oleg Safonov has been in banking business for over 20 years. Before joining M2M he served as a first deputy management board chairman at Svyaznoy Bank, and also held executive positions at Expobank, Master-Bank and a number of other financial institutions.