Vozrozhdenie Bank Board of Directors has held a regular meeting

25 May 2015

Vozrozhdenie Bank Board of Directors has held its meeting.

Some items of the agenda were preliminarily considered by the Audit Committee and the Human resources and compensation Committee of the bank’s Board of Directors.

The Board of Directors summarised the bank’s results for Q1 2015 based on the IFRS results.

The Board considered reports of the Audit Committee and the Human resources and compensation Committee on the results of their activity for 2014-2015 and considered them as satisfactory. Reports of the both committees contained detailed information on the meetings held, planned and extraordinary agenda items discussed and recommendations made to the Board of Directors within the committees’ authorities.

The Board considered a number of quarterly reports, including reports on risk management, report of the Controller over activity at the securities market as well as results of internal control programmes to combat misuse of insider information and other documents.

To improve the quality and transparency of the reporting, the Board considered report of the Auditor on internal control systems and recommendations on accounting procedures.

With the purpose of bringing the bank’s name in compliance with the requirements of the Russian Federation Civil Code and change (specification) of the bank’s branches location, the Board approved Amendments № 2 to the Articles of Association of Vozrozhdenie Bank.

In pursuance of the Bank of Russia’s recommendations defined by the Letter № 119-T dated September 13, 2005 “On modern approaches to corporate governance in credit organisations”, the bank conducted an annual procedure of corporate governance assessment. Its results will be taken as a basis for proposals to be included into the Action plan on development of corporate governance of Vozrozhdenie Bank for 2014-2015.

The Board of Directors also considered the item “On proposal of Public Joint Stock Company ‘United Credit Systems’”. It was decided that the Management Board should explore the option of merger of Vozrozhdenie Bank and Absolut Bank.

Otar Margania, the Chairman of the Board of Directors, commented that the management of the bank was instructed to thoroughly analyze and investigate the proposal. The final decision will be taken on one of the next meetings of the Board of Directors.

Vozrozhdenie Bank announced RAS results for Q1 2015
Vozrozhdenie Bank earned RUB 40 million of net profit in Q1 2015