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Edward Nassim of IFC Joins MDM Bank Board of Directors

03.12.2007 19:48

Moscow, 3 December 2007 – Today an MDM Bank EGM voted to expand the Bank’s Board of Directors to seven members and elected International Finance Corporation (IFC) Acting Vice President, Business Advisory Services Edward Nassim as a new member of the Board.

IFC became a minority shareholder in MDM Bank in September 2007 when it purchased a five percent equity stake in the Bank. At today’s EGM the shareholders expanded the six-member Board of Directors to seven and elected Mr. Nassim to the new spot. As required by Russian law, the shareholders first disbanded the Bank’s present Board, then re-elected the same members plus Mr. Nassim.

Commenting on today’s EGM decision, Member of the newly-elected Board Oleg Vyugin said: “I am pleased to welcome a new Board member today, and am confident that Mr. Nassim will actively participate in the bank’s further development. I would also note that with the election of Mr. Nassim, the Board of Directors includes members proposed by each of the Bank’s minority shareholders, which is in line with global corporate governance best practices.”

IFC Acting Vice President, Business Advisory Services Edward Nassim said: “I am very pleased to have the opportunity to serve on the Board of Directors of MDM Bank. I see the bank as having significant opportunities to accelerate its development, especially in Russia’s regions and in areas such as mortgage lending and energy efficiency financing, which are core elements of IFC’s strategy in its work in Russia’s financial sector.”


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