Bank Vozrozhdenie holds the Annual General Meeting of Shareholders

29 June 2012

The General Meeting of Shareholders of Bank Vozrozhdenie on the results for the year of 2011 was held today.

The Meeting recognized bank’s financial results as satisfactory and approved Bank Vozrozhdenie’s Annual Report, Annual Financial Statements, Income Statements and profit distribution for 2011.

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. Total amount of dividends to be paid is around 14.5 million rubles.

“Last year was successful for the Russian banking sector. We took full advantage of the favorable market environment and delivered solid results. It is important to note that we have hit the challenging targets on all the business lines, outpacing the Russian banking sector on a number of indicators. In 2011 the bank focused on lowering funding costs, increasing share of high-quality loans in the portfolio and optimization of the business processes. We have put special emphasis on development of most advanced banking services options for our clients”, — said Dmitry Orlov, Chairman of the bank’s Management Board.

Taking into the account bank’s positive financial results for 2011 and efficient performance of independent directors — members of Bank Vozrozhdenie Committees and the Board of Directors, the General Meeting of Shareholders took a decision to pay remuneration to the members of the Board of Directors.

The General Meeting of Shareholders approved new editions of the Articles of Association, the Regulation on the General Meeting of Shareholders, Order of holding the General Meeting of Shareholders, Regulation on the Board of Directors and Regulation on the executive bodies. Also, Alterations № 1 to the Regulation on the Audit commission were introduced.

On the proposal of Dmitry Orlov, the major shareholder and current CEO of the bank, the Meeting approved candidacy of Alexander Dolgopolov for the position of the Chairman of the Management Board.

“We have made a decision to reform our management system in line with international practices to reinforce our competitive advantages and improve market position. It is aimed to strengthen the role of the Board of Directors and increase its controlling functions over the CEO activity ”, — commented Dmitry Orlov.

The General Meeting of Shareholders held election of members of Bank Vozrozhdenie Board of Directors. The following persons were appointed:

  • Dmitry L. Orlov, Alexander V. Dolgopolov, Lyudmila A. Goncharova;
  • Nikolay S. Zatsepin, General Director of CJSC Mozhaisk Wholesale and Retail Company;
  • Oleg I. Lapushkin, former Consultant to FBME BANK LTD (Cyprus),
  • Otar L. Margania, Dean of the Economics faculty of St Petersburg State University;
  • Yury M. Marinichev, Chairman of the Council of Moscow Regional Union of Consumer Cooperation Board;
  • Nikita S. Mikhalkov, Chairman of the Management Board of Studio TRITE Ltd.;
  • Vladimir G. Panskov, Advisor to the Chairman of CJSC International Centre of Financial and Economic Development;
  • Yuri V. Poletaev, former CEO of Moscow National Bank, London;
  • Mukhadin A. Eskindarov, Rector of the Financial University under the Government of the Russian Federation.

Vladimir G. Malinin, former Chairman of the Management Board of Bank Donau (Austria), was elected to the Board as independent director.

The Board of Directors elected the Audit Commission of 4 members and approved deals with interested parties that might be concluded on standard terms during the period until the next General Meeting of Shareholders.

ZAO PricewaterhouseCooper’s Audit was approved as the official auditor of the bank.

Corporate loan portfolio of Bank Vozrozhdenie exceeded Rub 123 billion
Alexander Dolgopolov appointed as Chairman of the Management Board of Bank Vozrozhdenie