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MDM Bank Appoints New Chairman of the Management Board

06.10.2008 20:21

Moscow, 6 October 2008 – Today MDM Bank’s Board of Directors approved the appointment of Igor Kuzin as Chairman of the Management Board and Chief Executive Officer of MDM Bank. Mr. Kuzin will officially begin his duties following approval by the Central Bank of Russia.

Michel Perhirin, who was Chairman of MDM Bank’s Management Board for nearly three years, will leave the Bank. The Board of Directors notes that under Mr. Perhirin’s leadership the bank was highly successful in achieving its development strategy, increasing service quality, strengthening corporate governance and systematic implementation of its personnel policy.

Commenting on Igor Kuzin’s appointment, Oleg Viyugin, Chairman of MDM Bank’s Board of Directors, said: “Over the past year, the Bank has successfully implemented a full corporate reorganization. We have introduced a one bank culture, redesigned and expanded the regional network, developed a unified corporate and investment banking unit, grown our retail banking business faster than the market, and diversified the Bank’s balance sheet. Foreseeing the difficulties in the financial markets, we took a conservative approach to growing our loan portfolio and implemented significant improvements in the Bank’s risk management system. Igor Kuzin is an excellent professional and he shares our view on how to develop the Bank. The Board of Directors, shareholders and the new Chairman of the Management Board are all specifically motivated to implement the Bank’s strategy, taking into account market realities. I am certain that Igor’s knowledge and experience will assist us in significantly strengthening our position among Russia’s largest private banks.”

Igor Kuzin said: “MDM Bank is one of the leaders in the Russian banking sector that traditionally employs a conservative approach, which has been fully justified by the current market situation. MDM Bank has a bright future: its highly professional management team works together toward common goals, the Bank has laid a strong foundation for future development, and the market offers us new and unique possibilities.”

Igor Kuzin has years of experience in the financial sector. For the past five years, Igor headed Russia’s largest private mortgage bank, DeltaCredit Bank. Under Igor’s leadership, DeltaCredit became one of the most client-oriented banks, with a unique corporate culture; it achieved outstanding business results and loan portfolio quality while maintaining high growth rates. Prior to working at DeltaCredit, Igor held management positions in various international companies, working mostly with corporate clients and financial institutions as well as participating in launching businesses in North America, Asia and Central and Eastern Europe.

The new Chairman of the Management Board is expected to join the MDM Bank Board of Directors following approval of his candidacy by the Central Bank of Russia.



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07.10.2008 08:24

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