Former Swedbank Latvia head takes helm of Russia's Sanktpeterburg

Māris Mančinskis, the former head of Swedbank Latvia, on Thursday will start working as executive director at the Russian regional bank Sanktpeterburg, reported rus.lsm.lv via local daily Delovoy Peterburg.

Mančinskis' post was only recently established especially for him. He will be responsible for operational management at the bank.

He will have to "come up with a transaction and payment business, transforming the corporate culture towards that of a digital bank," according to bank shareholder Aleksand Saveliev.

According to rus.lsm.lv, the bank previously had ties to Valentina Ivanovna Matviyenko, former governor of St. Petersburg and currently Chairwoman of the Federation Council. The bank is not subject to Western sanctions directed against other Russian companies, banks and individuals.

Mančinskis' move to the new post is pending approval by the Central Bank of Russia.

In the early 2000s Mančinskis directed an unsuccessful Swedbank expansion into Russia.

He left Swedbank Latvia in August. Swedbank Latvia is headed by board member Reinis Rubenis from September 12.

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