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. Last Updated: 07/27/2016

Vyugin Appointed MDM Chairman

Oleg Vyugin, former head of Russia's markets watchdog, will become chairman of MDM Bank, the bank said in a statement Friday, ending weeks of speculations about his new employer.

Vyugin, who became head of the watchdog in March 2004, resigned on May 10 and said he was reviewing four job proposals. He had been widely favored to join Goldman Sachs.

"Today Oleg Vyugin has signed a letter of intent to join MDM Bank's board of directors," the bank said in a statement, adding that he would become chairman as soon as all necessary formalities were completed.

MDM Bank is rated among Russia's top 15 banks by assets, with a strong position in both retail and investment banking. Last year, MDM appointed as CEO French national Michel Perhirin, previously at Raiffeisen Bank. Sergei Popov has a 90 percent stake in MDM Bank after parting company with Andrei Melnichenko, with whom he jointly owned the bank until last December.