Shuvalov to become VEB head

Russian President Vladimir Putin invited former First Deputy Prime Minister Igor Shuvalov to head Vnesheconombank (VEB), the Kremlin press service reported.

The meeting of the head of state and the former first Deputy Prime Minister took place on the sidelines of the St. Petersburg International Economic Forum.

Shuvalov agreed. "Thank you for your trust, I will do my best," Shuvalov said in response to Putin's proposal.

Putin said that Vnesheconombank requires additional capitalization to fulfill its functions as a development institution, RBC reported.