Nomos-Bank, the privately-owned Russian firm which serves high net worth individuals, has appointed Vladimir Rykunov as chief financial officer.

In his new role, Mr Rykunov will be responsible for the further development of the bank’s financial accounting system as well as enhancing the bank’s business performance, the firm said in a statement. He has also been appointed as a member of the board.

Mr Rykunov joined the bank in 2008 as an advisor to the president of the advisory and evaluation service of the president and the board. In 2009 he became the first deputy chairman and managing director at Vefk bank, formerly Bank Petrovsky. Earlier in his career Mr Rykunov occupied a range of senior roles at Sobinbank and MDM Bank.

In November last year, the firm announced its plans to expand its private banking business regionally, targeting Russia’s province of Samara. The region’s private banking market is estimated to be worth RUB16 billion ($527 million) and is predicted to rise to RUB19 billion ($625.7 million) by 2011.