OREANDA-NEWS. April 14, 2011. On 12 April 2011, at an extraordinary meeting of the Board of Directors of the Bank of Moscow, a decision was adopted to appoint First Executive Vice-President of the Bank Mikhail Kuzovlev the Acting President.

The step was taken because the Tverskoy Court of Moscow ruled to remove Andrei Borodin from office as President of the Bank of Moscow and member of the Bank’s Board of Directors and also to remove Dmitry Akulinin from office as his Deputy and member of the Bank’s Board of Directors.

The Board of Directors of the Bank adopted the resolution proceeding from the need to ensure effective management of the credit institution in the situation when its top managers are unable to fulfil their duties.

Mikhail Kuzovlev, Acting President of the Bank of Moscow, noted: "The Board of Directors today appointed me Acting President of the Bank of Moscow. In this office, I intend to do everything required to make the business of one of Russia’s biggest banks more efficient and transparent."

"I am counting on continued close, effective and mutually beneficial co-operation with the Government of Moscow and would like to assure everyone that I will do my best to promote development of programmes of significance for the city and its inhabitants."