OREANDA-NEWS. Moscow, Mr. Oleg Vyugin, former Head of the Federal Financial Markets Service, is to become Chairman of MDM Bank Board of Directors. Today Mr. Oleg Vyugin has signed the letter of intend with agreements to join the MDM Bank Board of Directors. The changes in the Board of Directors form an integral part of the strategy set by MDM Bank’s management and shareholders, bringing in world-class expertise to enable it to become the leading Russian private bank.


Mr. Michel Perhirin, Chairman of MDM Bank’s Management Board, said: “The Russian banking sector is developing rapidly, offering enormous opportunities to those banks with the right expertise, practices and structures. The strategy developed by management in the summer of 2006 and supported by the shareholders has been focused on improving the efficiency and transparency of the Bank’s operations, as well as appointing an independent Chairman and other members of the Board of Directors. Our clients will also benefit from this enhancement of MDM Bank’s competitive advantage”.


The Board of Directors of MDM Bank is being changed to reflect these developments while maintaining the Bank’s commitment to the highest levels of corporate governance. Mr. Oleg Vyugin, former FSFR Head, will chair the Board of Directors as soon as all formalities have been completed and his nomination is approved by the Annual Shareholders Meeting. Mr. Vyugin, with his considerable financial markets and monetary policy management experience, will be focused on the Bank’s strategic development, its positioning both locally and internationally, the development of its corporate culture and communications with stakeholders.


Mr. Vyugin said: “MDM Bank is one of the leaders in the Russian banking sector. Its management and shareholders have set the objective to establish it as the leading Russian private bank. This objective is of great professional interest to me and I am delighted to take up this offer to be part of a world-class team”. Following these changes, the Board of Directors will comprise Mr. Oleg Vyugin in the Chairman’s role, Mr. Sergey Popov, Mr. Martin Andersson, Mr. Luqman Arnold, Mrs. Olga Selivanova and Mr. Sergey Shapiguzov.