Vozrozhdenie Bank Board of Directors has held a meeting

9 September 2015

Vozrozhdenie Bank Board of Directors has held a meeting and decided to early terminate powers of Igor Antonov, the Chairman of the Management Board, and Tatiana Orlova, Deputy Chair of the Management Board.

For the period till the election of a new Chairman of the Management Board by the Board of Directors, Andrey Shalimov, Deputy Chairman of the Management Board, has been appointed as the Acting Chairman of the Management Board.

The decisions were driven by reaching an agreement between Promsvyazcapital B.V. and Tatiana Orlova, the largest shareholder of Vozrozhdenie Bank, on acquisition of her stake.

As a result, starting from September 10th Promsvyazcapital B.V. will gain operating control over the bank — the uncertain transition period of the change of control is over. It is planned that Konstantin Basmanov who is currently the Deputy Chairman of the Management Board at Promsvyazbank will head Vozrozhdenie Bank. After the approval of his nomination by the Bank of Russia Mr Basmanov will be appointed as the Chairman of the Management Board.

„In case if the Bank of Russia approves the deal on Vozrozhdenie Bank acquisition, it will be a strategic, dedicated and long-term investment for Promsvyazcapital B.V.,” commented Dmitry Ananiev, shareholder of Promsvyazcapital B.V. „The role of the bank’s founder Dmitry Orlov in evolvement of the Russian banking system and sound private business cannot be overstated. We treasure his memory and plan to lead the bank within the same course. I want to record my thanks to Igor Antonov for his participation in the bank’s development in the tough transition period — that was not an easy task, but Mr Antonov addressed the challenges properly.”

„Arrival of the new strategic investor will contribute to enhancement of Vozrozhdenie Bank’s market positioning, growth of its potential and expansion of the client base,” says Tatiana Orlova, „I’m confident that the new shareholders will ensure succession of the strategy and traditions of the bank, preserve its rich history and add value to the achievements of our team, sustaining the development strategy laid by my father. I want to thank Igor Antonov for his work in such a complicated period for the bank and wish him further success.

I also want to express my special gratitude to Mikhail Prokhorov who has supported my family and helped to reach the agreement with the new shareholders.”

Рromsvyazcapital B.V. has got the approval from the Federal Anti-Monopoly Service on acquisition of more than 75% shares of Vozrozhdenie Bank and has applied to the Bank of Russia for the similar approval. After completion of the transaction Vozrozhdenie Bank will keep developing under its own brand — shareholders of Рromsvyazcapital B.V. do not plan to merge the financial institutions in the medium-term perspective. They intend to preserve the bank’s team and enhance it in strategically crucial areas. The bank will keep operating in its usual mode, providing a full range of financial services and fulfilling its obligations.

The listing of the shares will be maintained; respecting the rights of minority shareholders, Рromsvyazcapital B.V. will make them a mandatory offer. In the nearest future Vozrozhdenie Bank will revert to the discussion of the possible options on the transaction with Absolut Bank.

A new Board of Directors will take up its duties at the start of December, actively participating in strategic management of the bank.

Vozrozhdenie Bank Board of Directors has held a meeting
Vozrozhdenie Bank Board of Directors has held a meeting