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MDM Bank BoD recommends to AGM not to pay dividends for 2009


On May 6, 2010, the Board of Directors made a recommendation to the Annual General Shareholders’ Meeting not to pay dividends on common shares as well as on all classes of preferred shares for the year 2009.

“The decision of the Board of Directors is consistent with our conservative and prudent strategy in the current financial environment and in line with changes in dividend policies of other financial institutions around the world.  

The Bank’s strategy prescribes maintaining a high level of capital adequacy in anticipation of non-performing loans peaking out in during 2010, as well as recent developments of sovereign finances of some European countries.

All actions and decisions of the Bank are made primarily in the interest of its clients, and considered as measures of prudent liquidity management in today’s volatile environment”, said MDM Bank’s Chairman of the Board of Directors, Oleg Viyugin.

The AGM will take place at the Bank’s office in Novosibirsk on June 11, 2010.

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