OREANDA-NEWS. May 6, 2008. The Board of Director of Bank Electronika met in regular session. Foremost on the agenda was the report on implementation of the retail strategy of the Bank. Other matters included issues of corporate governance, internal control, and financial monitoring.

Dmitry Samoilov, Deputy Chairman of the Management Board of the Bank, presented the report on progress toward implementing the retail strategy. At the conclusion of the discussion, members of the Board of Directors adopted a resolution acknowledging that the divisions and project team charged with developing retail business had worked effectively and with measurable result. At this moment, the opening of retail personal services offices has broadened Bank Electronika’s geographic scope in Russia to 20 regions. Eight offices in regional centers of the country offer personal banking services. The Bank is activity rolling out its retail network in Russia. The board extended appreciation to employees who had contributed to the successful realization of the strategy.

Members of the board discussed enhancing corporate governance. In accordance with recommendations from the Bank of Russia, the Bank undertook a self-assessment of its level of corporate governance as of April 2008. The Board of Directors considered the report, a comparative analysis of the level of self-assessment as of April 1, 2007, and April 1, 2008, which demonstrated positive dynamics in the development of each area suggested by the Bank of Russia. Based on the information it received and instructions from the central banking authority, the Board of Directors identified the next measures to be taken to raise the quality of corporate management.

During the session, members of the board approved reports from the Department of Financial Monitoring and the Controller summarizing activities of Bank Electronika in the securities market during the first quarter of 2008. They also considered and accepted a new version of normative documents for internal control of the institution.