Bank Vozrozhdenie Board of Directors held aregular meeting

27 September 2013

Today Bank Vozrozhdenie Board of Directors held a regular meeting.

Some items included into the agenda of the Board of Directors meeting were preliminarily considered by the Audit Committee.

The Board of Directors discussed and approved a new edition of the Regulations on Operational Risk Management at Bank Vozrozhdenie for improving operational risk management and in order to comply with the provisions of the Letter of the Bank of Russia № 69-T “On recommendations of the Basel Committee for Banking Supervision “Principles for the Sound Management of Operational Risk”, dated May 16, 2012.

The Board also approved the Alterations № 1 to the Regulations on Information Policy of Bank Vozrozhdenie introduced for complying with some recent alterations to the legal acts of the Russian Federation.

The Board of Directors approved changes to the Plan of internal divisions’ reviews to be held by the Internal Control and Audit Service during 2013 and in particular during H2 2013.

On the basis of Human Resources and Remuneration Committee recommendations and within the scope of its authority, the Board of Directors considered HR issue as well. It approved early resignation of Mrs. Tatiana Gavrilkina, Deputy Chairwoman of the Management Board, and Mrs. Alla Novikova, Chief Accountant and a member of the Management Board following their notice on voluntary withdrawal.

“I would like to thank Tatiana Gavrilkina and Alla Novikova for their lasting personal contribution to the bank’s business development. They were a part of our team from the moment of the bank’s foundation and we passed a long way together. They are outstanding professionals and we wish them best of luck in all their initiatives”, commented Mr. Dmitry Orlov, the Chairman of the Board of Directors.

Chief Accountant functions will be transferred to Mrs. Elena Volik, Deputy Chief Accountant of Bank Vozrozhdenie. She has been with the bank since 1994, with 9 years in her current position. Her professional merits were recognized by the bank’s management a number of times.

Mr. Timur Egorov stays the head of the Finance Department after his appointment to this position in 2012 following 11 years of his work with the bank.

Bank Vozrozhdenie Board of Directors held an extraordinary meeting
Moody’s Investors Service rating agency upgraded credit rating of notes issued by Closed Joint Stock Company Mortgage Agent Vozrozhdenie 2 to Baa2