Credit Bank of Moscow to change management board chairman again

MOSCOW. July 3 (Interfax) - The supervisory board of Credit Bank of Moscow (MKB) has decided to prematurely terminate the powers of its management board chairman Maxim Korzhov, the bank said in a statement.

His term expired on July 2. Korzhov's employment contract has been terminated by mutual agreement.

The supervisory board has also approved a new candidate for the bank's top position, which still requires approval from the Central Bank of Russia. However, MKB has not yet disclosed the new management board chairman.

Interfax has sent a request to the bank for comment.

Korzhov was appointed chairman of MKB's management board in December 2024 after his candidacy was approved by the CBR. Prior to this, from November 2024, he served as MKB's acting head. Korzhov replaced Nikolai Katorzhnov, who led the bank from June 2022.

The bank explained that Katorzhnov's decision to leave was due to "personal circumstances incompatible with the workload of the position." It was assumed that Katorzhnov would continue working at MKB as an advisor on matters related to international business development and foreign economic activity.

Prior to his appointment as MKB head, as deputy chairman of the management board, Korzhov oversaw corporate client relations. He worked at MKB from 2019 and was instrumental in establishing the bank's corporate and investment division.

According to the most recent disclosed data, the main shareholder of Credit Bank of Moscow was the Rossium conglomerate. The bank has been under U.S. sanctions since February 2023 and EU sanctions since December 2022. It was disconnected from SWIFT in June 2022.

As of Q1 2025, MKB ranked seventh by asset size in the Interfax-100 ranking prepared by Interfax-CEA.