 On 22 February 2011, the VTB Group concluded the transaction to acquire 46.48% of the shares in the Bank of Moscow from the Moscow Government.Mikhail Kuzovlev headed up the work on checking the financial status of the Bank of Moscow.On 24 February 2011, Andrey Kostin was elected chairman of the board of directors of the Bank of Moscow, and Mikhail Kuzovlev was appointed senior vice-president of the Bank of Moscow.