UPDATE: Putin offers former deputy PM Shuvalov to chair VEB

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STRELNA, St. Petersburg, May 24 (PRIME) -- Russian President Vladimir Putin on Thursday offered former Deputy Prime Minister Igor Shuvalov to chair state-owned Vnesheconombank (VEB), and Shuvalov promised not to fail.

Media reported earlier citing sources that Shuvalov could replace Sergei Gorkov at the post.

Putin told Shuvalov it is necessary to support VEB as a development institute and boost its capital.

“This is a development institute, it is necessary to support it, it will be necessary to boost its capital. This is a separate issue, I know that you discussed it with the prime minister,” Putin said.

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