Former Svyaznoy Bank chief executive Evgeny Davydovich named Svyaznoy President

Evgeny Davydovich, management board chairman at Svyaznoy Bank which lost its license, has substituted Mikhail Tuch as president at mobile retailer Svyaznoy. Michael Tuch will not get another appointment, he will leave the company. A source in the telecommunications market told business magazine Sekret Firmy (Business Secret) about this, and the company's press secretary Maria Zaikina confirmed information.

Michael Tuch joined Svyaznoy in 2007 after spending nearly 10 years at General Electric Capital on positions related to finance and business development in 12 countries of the world. Previously he served as CFO of GE Money Bank in Russia. Presently, according to the same source, Tuch is about to take the CEO position at M.Video, but the executive himself is still unavailable for comment.

Until this time Evgeny Davydovich had chaired the management board at Svyaznoy Bank. In December 2015, the Bank of Russia applied to the Moscow Arbitration Tribunal seeking to recognize the financial institution bankrupt.

Business daily Vedomosti named Davydovich the "Professional of the Year" at the end of 2015. As the newspaper thinks, for a year he "fought for the incurable bank, which was abandoned by both its previous and new owners (Maxim Nogotkov and Oleg Malis, respectively).

Bank of Russia inspectors could not believe that Rub 15 bln, which was wired from Svyaznoy Bank, was paid back to deposit holders, Davydovich said. They looked for companies where these funds were wired to, he added.