KIEV, Dec. 21 – President Viktor Yanukovych on Tuesday nominated Serhiy Arbuzov, a long-time personal ally, as the governor of the National Bank of Ukraine, after Volodymyr Stelmakh submitted his resignation.

Arbuzov, who was appointed as the deputy governor of NBU shortly after Yanukovych’s inauguration in February, had been previously running a small bank in Donetsk thought to be owned by the Yanukovych family.

The nomination, which must be approved by Parliament, comes amid reports that Oleksandr Yanukovych, a son of the president, has been in the process of expanding his interest in the banking sector.