Changes in the management of MDM Bank

01.08.2007 12:13

Certain changes in the top management composition have been announced today, on August 1, 2007. Igor Smolkin will leave the position of the Head of Investment Block. Sergey Babayan, former Head of the Fixed Income Trading and Sales Department, will take the position of an Acting Head of Investment Block. He will work closely with Nikita Riauzov, Head of Investment Banking Department. Both Sergey and Nikita will become members of the Management Board, subject to approval by the Bank of Russia.

Additionally, Timur Avdeenko, Deputy Head of the Management Board and the Head of Corporate Block, will leave the Bank due to the fact that MDM’s new long-term strategy will require an equally long-term commitment from top management, which he cannot guarantee at this point. The replacement is being finalized.

Michel Perhirin, the Chairman of the Management Board of MDM Bank, said “We are crystallizing our strategic vision of the Bank’s long-term development and we are expecting both shared values and long-term commitment from our top management. We are working hard to ensure an overall emphasis on the quality of services that we provide to our clients, particularly as the interests of our clients are changing over time. Additionally, we need to encourage new talent to more actively contribute to our strategic moves”.

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22.08.2007 12:15

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