OREANDA-NEWS. On July 19, 2007 Alfa-Bank announced its Board of Directors’ decision to promote Mr. Petr Smida to the position of First Deputy Chairman of the Board of Directors. In his new role, Mr. Smida will be primarily focused on coordinating the Board’s ongoing strategic development of Alfa-Bank, further development of the bank’s top management, and continuing to adopt successful international standards and practices, reported the press-centre of Alfa-Bank.

At the same time, the Board of Directors has decided to appoint Mr. Rushan Khvesyuk, Chairman of the Executive Board, to the position of acting Chief Executive Officer.

The Board of Directors’ decisions are aimed at strengthening the bank’s leading position in the Russian banking market, as well as further developing the bank’s strategic initiatives.

Mr. Petr Smida became CEO in February 2004. During his term, the bank has grown its balance sheet threefold, built a strong nationwide retail banking franchise and further expanded its corporate and investment banking operations. In one of the most recent reflections of this success, Euromoney magazine named Alfa-Bank the “Best Bank in Russia” in 2007.

Mr. Rushan Khvesyuk has been working for Alfa-Bank for over 13 years, and was appointed to the position of Chairman of the Executive Board in 2002. Mr. Khvesyuk has played a key role in providing administrative support for the bank’s growth and fulfillment of its strategy. This new appointment will contribute further to the successful development of Alfa-Bank’s business in the Russian banking market.