Prior to his new appointment Konstandyan served as the bank’s first vice president and oversaw its international business as well as its “investment block”, the bank said in a statement. At present, he continues overseeing these operations.

A new development strategy is yet to be outlined, a spokesperson for Promsvyazbank told WealthBriefing; the bank still needs to decide on Konstandyan’s replacement.

According to several Russian media reports citing industry sources, during Levkovski’s presidency the bank’s business structure became more transparent and assets grew significantly. Reports speculated that after heading the bank for nine years Levkovski might want to try “something new”.

Promsvyazbank is currently owned by the Ananiev brothers, who have a 72.9 per cent stake, Commerzbank, with a 15.3 per cent stake, as well as the European Bank for Reconstruction and Development, which acquired a 11.7 per cent stake last year.