Sergey Zharov, a professional with more than two decades worth of experience in the financial sector, has been appointed as the Chief Executive Officer of VTB Forex LLC, a subsidiary of VTB Bank that specializes in the foreign exchange (forex) market, on Wednesday.
VTB Forex LLC is a forex dealer for over-the-counter forwards contracts. As the CEO of VTB Capital Forex, the brand name of the subsidiary, Zharov will be in charge of further developing the company.
Zharov to strengthen the market position of VTB Forex LLC
In particular, he has been given the task of both preserving and strengthing VTB’s leading position in the forex market in Russia, the statement released on Wednesday said. This will be achieved by growing the business, improving its products and services, and increase customer loyalty.
Alexander Sokologorsky, who was previously the head of VTB Capital Forex, will now move to work in the brokerage division of VTB Bank, where he will be responsible for implementing new projects as part of the retail investment customer service.
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Commenting on the appointment, Vladimir Potapov, Chairman of the Supervisory Board of VTB Capital Forex, Executive Director of VTB Capital Investments, Head of Brokerage Services, Senior Vice – President of VTB Bank said [translated]: “We are pleased to welcome Sergey Zharov to our team and hope to strengthen the leadership position of VTB Capital Forex under his leadership.”
“Our task is to create the best provider of investment solutions on the market, offering a full range of products and services for customers. According to the new strategy, VTB is actively developing digital channels, and our best practices will certainly be used by the new team to significantly increase market share.”
During his career, Zharov has held a number of positions within the finance space, from trader to manager. He has worked at various firms within Russia, such as Inkombank, CB Russian Credit, St. Petersburg Currency Exchange (SPVB), Ilim Group, KIT Finance.
Over the past 20 years, he has been a member of the Board of Directors of the RTS Exchange and the Exchange Council of the St. Petersburg Stock Exchange. He has also been involved in the Moscow Exchange committees, the statement said.