Bank Vozrozhdenie holds the Annual General Meeting of Shareholders

25 June 2010

Today there was held the General Meeting of Shareholders of Bank Vozrozhdenie which reviewed the results for the year 2009.

The Meeting recognized Bank’s financial results as satisfactory and approved Vozrozhdenie’s Annual Report, Annual Accounting Statements, Income Statements and profit distribution for 2009.

The General Meeting of Shareholders decided to pay dividends of 5% of nominal value for ordinary shares and 20% of nominal value for preferred shares. The total amount of dividends to be paid is some 14.5 million rubles.

“Our conservative strategy proved its efficiency again in challenging circumstances of 2009. We have retained our business thanks to high levels of liquidity and good quality of the client base and we reinforced our reputation as a reliable bank, one that can be trusted in difficult times” — said Dmitry Orlov, the Chairman of the Management Board. “We won’t change significantly priorities of our business-strategy in the current year in order to provide long-term growth of shareholder value. The bank will continue strengthening client base and plans to increase loan portfolio by 15-20% while maintaining its high quality. As before, diversified funding on the back of deposits of our individual and corporate clients is among strategic priorities of the bank” — Dmitry Orlov added.

Taking into account the Bank’s positive financial results for 2009 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 General Meeting of Shareholders, Order of holding General Meeting of Shareholders, Regulation on the Board of Directors and Regulation on the executive bodies. The General Meeting of Shareholders also approved the new edition of Regulations on remunerations and compensations for members of the Board of Directors. Such alterations are made due to changes in the current legislation of the Russian Federation governing activity of the joint-stock companies, credit institutions as well as professional activity on the securities market.

The Meeting elected the Board of Directors and Audit Commission of the Bank as well as made a decision to approve related party transactions, which might be concluded on standard terms during the period until the next General Meeting of Shareholders.

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

After the General Meeting of Shareholders was over there was held the first meeting of the new Board of Directors to which the following persons were re-elected:

  • Dmitry L. Orlov, Chairman of the Bank’s Management Board;
  • Lyudmila A. Goncharova, Deputy Chairman of the Bank’s Management;
  • Alexander V. Dolgopolov, Deputy Chairman of the Bank’s Management Board;
  • 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;
  • Yury M. Marinichev, Chairman of the Council of Moscow Regional Union of Consumer Cooperation
  • Board;
  • Nikita S. Mikhalkov, Film Director;
  • Vladimir G. Panskov, Professor of the All-Russian Financial and Economic Institute;
  • Yuri V. Poletaev.

The following members were elected to the Board of Directors for the first time as independent directors:

  • Viktor V. Khartov, Chief Designer and General Director of S.A. Lavochkin scientific production association;
  • Mukhadin A. Eskindarov, Rector of Finance Academy under the Government of the Russian Federation.

Otar L. Margania, who had been the member of the Human resources and compensation Committee of the bank within two years, was elected as a Chairman of the Board of Directors at the suggestion of Dmitry L. Orlov, the Chairman of the Management Board and the main shareholder of the bank.

The Board of Directors formed the Audit Committee and the Human resources and compensation Committee headed by Vladimir G. Panskov and Mukhadin A. Eskindarov accordingly. Nikolay S. Zatsepin and Valeriy P. Zhigulich were also elected as the members of the Audit Committee, while the membership of the Human resources and compensation Committee included Nikita S. Mikhalkov and Yuri V. Poletaev.

The Board of Directors approved the Schedule of the Board of Directors for the upcoming year and the Plan on corporate governance improvement for 2010-2011.

The Board of Directors of Bank Vozrozhdenie held its regular meeting
Moody’s Rating Agency affirmed Bank Vozrozhdenie credit rating