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MDM Bank announces an agreement reached by its owners whereby Sergey Popov becomes the main investor in MDM Bank.

18.12.2006 00:00

MDM Bank announces an agreement reached by its owners whereby Sergey Popov becomes the main investor in MDM Bank. He will own a 90% share in the Bank. Martin Andersson, member of MDM Banks strategy committee, will acquire a 10% stake. Andrey Melnichenko, who has been a 50-50 owner of the Bank together with Mr. Popov, will discontinue his ownership in the Bank as part of a wider re-organization of his interests with Mr. Popov. This reorganization is subject to all relevant regulatory approvals.

Mr. Popov has been one of MDM Banks investors since 2003. As a member of MDM Banks Board of Directors he was one of the architects of the Banks strategy and of the development of its corporate governance system. Currently Mr. Popov sits on the Boards of MDM Bank, Russias largest coal company, SUEK, and a leading agrochemical company, EuroChem.

Martin Andersson, a member of the Banks Strategy committee since the first half of 2006, is a founding partner of the Brunswick Group. He was CEO and Chairman of Brunswick UBS Warburg, a leading Russian investment bank.

The Banks investors see these developments as underpinning their long-term commitment to the strategic development of the Bank as a leading Russian financial institution, in line with the strategy being implemented by the management team headed by Michel Perhirin. Mr. Perhirin commented: The strategy of growth within the framework of a universal banking model has proved a success in 2006. The existence of a strong ownership structure should ensure clear focus on our long-term objectives and should allow us to become the leading private bank in Russia. All interested parties are invited to take part in MDM Banks conference call dedicated to this announcement, which will take place on 18 December 2006 at 6pm Moscow time, (3pm London Time, 10am New York time). The dial-in telephone number is +44 (0) 20 7162 0025. Please quote the conference title 'MDM Bank conference call'.

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19.01.2007 14:19

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