Son Of Russia’s FSB Boss To Head VTB Affiliate

Denis Bortnikov has headed the board of directors of CJSC VTB Bank.

On June 30, in the course of the regular meeting of the Board of Directors of CJSC VTB Bank (Belarus) Denis Bortnikov was elected chairman of the Board. The Bank’s press-center reported this.

Bortnikov has twenty years of banking experience, including 11 years in the VTB Group, where he worked as Deputy President and Chairman of the Board of VTB Bank since April 2017.

According to the source, this decision is entirely logical.

In April, it was reported that the son of the head of the Federal Security Service of Russia, Alexander Bortnikov, would oversee small and medium-sized businesses, the regional network of the bank and manage the North-West Regional Center of the VTB. Previously, this sphere was overseen by Mikhail Oseevsky, who headed the Rostelecom in March.

The Belarusian affiliate of the VTB Bank also pays much attention to the corporate sector, financing of small and medium-sized businesses.

"Denis Bortnikov has profound management experience in the banking business and great internal support," - Vedomosti wrote. "The management of the regional network requires organizational efforts and strategy. Competition in the regional markets is growing, also due the development of technologies, and the VTB faces many challenges in this area, " - the media outlet claims.