In May 2018, Igor Shuvalov replaced Gorkov as VEB’s new chairman.[26] In July 2018, the bank requested a further $16 billion bailout from the Russian government.[26] In October 2018 the bank announced plans to rebrand, changing its denomination into 'National Development Institute', and confirming it would be granted 600 billion rubles ($9.1 billion) in subsidies from the federal budget by 2024, in addition to the 125 billion rubles received in 2018.[27]