Vozrozhdenie Bank Board of Directors has recommended Igor Antonov to the position of the Chairman of the Management Board

6 March 2015

Today, Vozrozhdenie Bank has held the meeting of the Board of Directors.

The Board has recommended Igor Antonov for the position of the Chairman of the Management Board of Vozrozhdenie Bank. He complies with all qualification requirements set for the head of the credit institution. Until official approval of his candidacy by the Bank of Russia, Alexander Dolgopolov will be heading the bank.

“We would like to thank Alexander Dolgopolov for many years of successful work, his professionalism and engagement in implementation of numerous auspicious projects. Succession in the management of the bank is our priority. Igor Antonov will contribute to realization of the targets set by the shareholders with his fresh expertise and vision on the grounds of the existing management structure. The bank’s strategy remains intact as well as the position of the key shareholders on its future development”, commented Otar Margania, Chairman of the Board of Directors.

Alexander Dolgopolov has been with the bank for more than 20 years and was deeply engaged in its development and implementation of various initiatives, particularly on the retail business.

“Over the years, a team of outstanding professionals has been built under the leadership of Dmitry Orlov. I’m honoured to have been working with him throughout over 20 years. New time has come and it requires new solutions. I would like to record my thanks to my colleagues for many years of cooperation and to wish a success in the business development to the new management”, said Alexander Dolgopolov, the Chairman of the Management Board of Vozrozhdenie Bank.

Alexander Dolgopolov will continue its work in the bank’s Board of Directors.

“Dmitry Orlov, who guided Vozrozhdenie Bank for years, has left a great heritage. The objective of the Management Board and all the team is to bring the bank to new heights to the benefit of its clients and shareholders”, noted Igor Antonov.

Most part of the agenda items had been preliminarily discussed at the meetings of the Audit Committee and the Human resources and compensation Committee of the bank’s Board of Directors.

The Board of Directors has considered quarterly reports on risk management and deemed the bank’s system of control as compliant with the regulations of the applicable legislation of the Russian Federation, regulations of the Bank of Russia and internal documents of Vozrozhdenie Bank; while the risk management system has been recognized as adequate to the current level of risks taken by the bank. The Board has also discussed the Report on the activity of the Internal Audit Service in 2014.

Due to the changes the Federal Law № 99-FZ dated May 5, 2014 “On amendments to the Chapter 4, Part 1 of the Russian Federation Civil Code and on revocation of particular provisions of the Russian Federation legal acts”, regulations on Branches of Vozrozhdenie Bank have been approved.

In compliance with the Federal Law № 208-FZ dated December 26, 1995 “On joint-stock companies”, the Articles of Association and regulations on executive bodies of the bank, the Board of Directors has approved holding positions in the executive bodies of other organisations by Lyudmila Goncharova, Deputy Chair of the Management Board, and Mikhail Semko, member of the Management Board and Head of the Legal Department. Recommendations of the Human resources and compensation Committee were taken into account when making such decision.

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Vozrozhdenie Bank will publish its FY 2014 IFRS results and hold a conference call for investors on March 25