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Russia to Join SWIFT Board of Directors

11.03.2015 00:02 / RBC

SWIFT will offer a seat on the Board of Directors to Russia. The threatened ban has not affected this decision: the seat became available due to Russia’s increased SWIFT payment traffic.

Once every three years, SWIFT redistributes shares, with every member country offered shares in proportion to its traffic. Based on 2014 results, 10% shares were redistributed, leading to Board change. “Russia’s SWIFT traffic in 2014 put us at #13 worldwide, bringing Russia’s share to the point where the country is entitled to put forward a candidate to the Board”, said Executive Director at Rosswift Association Roman Chernov.

Hong Kong conceded its seat to Russia. Also, the Netherlands lost one seat to Belgium (now with two), states The Banker.

Russia’s candidate must be employed by a SWIFT shareholder or a related entity. Shareholders are the most active SWIFT members – in Russia they are the Top 10 major banks by asset value (the list may vary).

Chernov says that a Rosswift GSM is slated as part of SWIFT forum on 16 April, where the Board candidate will be nominated. The new Board will be approved at the June 2015 SWIFT GSM, starting the Russian director’s three-year tenure. The SWIFT Board comprises 25 directors.

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