Flash Download failed for NUCLEO-F429ZI board

Trying to run the program for NUCLEO-F429ZI STM evaluation board, I get "No Algorithm found" error:

Build started: Project: test_f429zi
*** Using Compiler 'V6.21', folder: 'C:\Keil_v5\ARM\ARMCLANG\Bin'
Build target 'test_f429zi'
".\test_f429zi.axf" - 0 Error(s), 0 Warning(s).
Build Time Elapsed:  00:00:00
Load "C:\\Alex\\projects\\STM\\Keil\\NUCLEO-F429ZI\\test_f429zi\\test_f429zi\\MDK-ARM\\test_f429zi.axf" 
No Algorithm found for: 00008000H - 00008F77H
Erase skipped!
Error: Flash Download failed  -  "Cortex-M4"
Flash Load finished at 09:20:33

The project is created in STM32 CubeMX, code is generated in MDK format, as described here: Using Keil MDK with STM32CubeIDE 

My working environment: Windows 11, mVision v5.39.0.0 Community Edition, NUCLEO-F429ZI evaluation board.

The same board can be successfully programmed using STM32CubeIDE:

STMicroelectronics ST-LINK GDB server. Version 7.5.0
Copyright (c) 2023, STMicroelectronics. All rights reserved.

Starting server with the following options:
        Persistent Mode            : Disabled
        Logging Level              : 1
        Listen Port Number         : 61234
        Status Refresh Delay       : 15s
        Verbose Mode               : Disabled
        SWD Debug                  : Enabled
        InitWhile                  : Enabled

Waiting for debugger connection...
Debugger connected
Waiting for debugger connection...
Debugger connected
Waiting for debugger connection...
      -------------------------------------------------------------------
                       STM32CubeProgrammer v2.15.0                  
      -------------------------------------------------------------------

Log output file:   C:\Users\alex\AppData\Local\Temp\STM32CubeProgrammer_a12284.log
ST-LINK SN  : 066DFF484957847167063817
ST-LINK FW  : V2J43M28
Board       : NUCLEO-F429ZI
Voltage     : 3.25V
SWD freq    : 4000 KHz
Connect mode: Under Reset
Reset mode  : Hardware reset
Device ID   : 0x419
Revision ID : Rev 3
Device name : STM32F42xxx/F43xxx
Flash size  : 2 MBytes
Device type : MCU
Device CPU  : Cortex-M4
BL Version  : 0x91

Memory Programming ...
Opening and parsing file: ST-LINK_GDB_server_a12284.srec
  File          : ST-LINK_GDB_server_a12284.srec
  Size          : 108.09 KB 
  Address       : 0x08000000 

Erasing memory corresponding to segment 0:
Erasing internal memory sectors [0 4]
Download in Progress:

File download complete
Time elapsed during download operation: 00:00:02.441

Verifying ...
Download verified successfully 
Shutting down...
Exit.

MDK debugger settings: