YEREVAN, June 10. /ARKA/. The board of directors of a Russian Gazenergobank has decided to elect ethnic Armenian David Hambardzumyan as board chairman, Banki.ru said citing sources close to the bank.

David Hambardzumyan headed the corporate unit of the bank and since the summer of 2013 he was head of the medium-sized corporate business department at Life Group. The decision on the appointment of David Hambardzumyan to the post of board chairman of Gazenergobank had been made by Life Group in April.

Gazenergobank is a relatively small by size of assets regional bank headquartered in the Russian city of Kaluga. It is a subsidiary of Probusinessbank, which is the main shareholder of Life Group. The bank is an important player in the Kaluga market of banking services.

The priority directions of the bank’s operation are retail lending, cash settlement services to corporate clients, operations in the foreign exchange market and securities, attraction of private deposits. The bank runs a broad network of sales offices in Kaluga, Smolensk, Tula, Bryansk, Pskov and the Moscow region.

According to Russian Banki.ru portal, as of May 1, 2015 the bank’s net assets stood at 22.90 billion rubles (166th in Russia); its capital calculated in accordance with the requirements of the Central Bank of the Russian Federation was worth 1.61 billion rubles; its loan portfolio stood at 4.02 billion rubles and commitment to private clients – at 17.89 billion rubles.-0-