Bank Vozrozhdenie held the Annual General Meeting of Shareholders

26 June 2009

Today the General Meeting of Shareholders of Bank Vozrozhdenie took place which reviewed the results for the year 2008. The Meeting recognized Bank’s financial results as satisfactory and approved Vozrozhdenie’s Annual Report, Annual Accounting Statements, Income Statement and profit distribution for 2009.

“The passed year was uneasy for the native banking system and Bank Vozrozhdenie was not an exception. However, due to sound work carried out in advance by the Bank’s management, the influence of worsening market situation was minimized.” — said Dmitry Orlov, the Chairman of the Management Board, in his speech to the shareholders. — "Bank’s 2008 IFRS Profit of RR 3,137 million grew by 65% comparing to 2007 result. The Bank’s assets were more than RR 141.2 billions as of January 1, 2009 which is 27% more than the same as on January 1, 2008. The annual average ROE was 23.3% above 2007 average of 21%. Equity rose by 27% since December 31, 2007 to RR 15.1 billion as on January 1, 2009. Thus, Bank’s management ensured accomplishment of all indicators planned for 2008’’ — Dmitry Orlov added.

The General Meeting of Shareholders declared dividends of 5% of nominal value for ordinary shares and 20% of nominal value for preferred shares. The total amount of dividend payment is to be 14.5 million rubles.

Taking into account the Bank’s positive financial results for 2008 and efficient activity of the independent directors being members of the Bank’s Committees and the Board of Directors, the General Meeting of Shareholders made a decision to pay remuneration to the members of the Board of Directors.

The General Meeting of Shareholders approved alterations to the Articles of Association as well alterations to the Regulation on the Board of Directors and Regulation on the executive bodies. Such alterations are made in order to bring in correspondence the stated above documents with the current legislation and regulations of the regulative bodies.

The elections of the sole executive body, the Bank’s Chairman of the Management Board, were held according to the Articles of Association of Bank Vozrozhdenie. Dmitry L. Orlov was once again elected as the Chairman of the Management Board.

The General Meeting of Shareholders elected the following members of the Board of Directors:

  • Yury M. Marinichev, Chairman of the Council of Moscow Regional Union of Consumer Cooperation
  • Dmitry L. Orlov, Chairman of the Bank’s Management Board
  • Lyudmila A. Goncharova, Deputy Chairman of the Bank’s Management Board
  • Alexander V. Dolgopolov, Deputy Chairman of the Bank’s Management Board
  • Robert B. Willumstad, Senior Advisor of Brysam Global Partners
  • Alexander N. Zhizhaev
  • Valeriy P. Zhigulich, General Director of the S А. Zverev Krasnogorsk Federal Scientific Manufacturing Company
  • Nikolay S. Zatsepin, General Director of CJSC Mozhaisk Wholesale and Retail Company
  • Otar L. Margania, Senior Vice-President of Bank VTB
  • Nikita S. Mikhalkov, Film Director
  • Vladimir G. Panskov, Professor of the All-Russian Financial and Economic Institute
  • Yuri V. Poletaev

The Meeting elected an Audit Committee consisting of 4 members, and made a decision to approve related party transactions, which might be concluded only on market terms until the next General Meeting of Shareholders.

ZAO PricewaterhouseCooper’s Audit was appointed as the official auditor of the Bank.

The Board of Directors of Bank Vozrozhdenie held its regular meeting in the form of absentee voting
The Board of Directors of Bank Vozrozhdenie held its regular meeting in the form of joint presence