OREANDA-NEWS. On 20 June 2008 was announced, that the first annual meeting of Rosbank shareholders since Societe Generale took up a majority shareholding was held in Moscow. The agenda concerned the approval of the accounts for the 2007 financial year and the composition of the Board of Directors.

In 2007, Rosbank generated results showing strong growth, with net banking income up 17% at ?794 million. In particular, this progress reflects the growth of the credit portfolio (+44%) and the development of the client base. At the same time, good control of general costs (cost income ratio of 55%) and risks has enabled the bank to generate a net result of ?176 million, up to 60%.

As Chairman of the Board of Directors of Rosbank, Andrei Klishas said, “For Rosbank, the past year was rich in events. First of all, I would like to express my satisfaction with the successful completion of the strategic transaction with Societe Generale. It showed that strategy we had chosen for the development of Rosbank helped it to attain a leading position on the Russian banking market. And this strategic orientation was the right one. This transaction created an important precedent and clearly showed the high recognition international financial institutions have for leading Russian Banks.”

In turn, Deputy CEO of Societe Generale Group, Philippe Citerne said, “In a general context of volatility in financial markets, Rosbank has demonstrated good results in its major areas. We also welcome the decisions that have been taken today during the general shareholders meeting. As a result, Societe Generale Group has significantly enlarged its presence on Rosbank’s Board of Directors, which will help us to accelerate the integration process. We intend to continue Rosbank’s development following a universal banking model, working with all types of clientele segments, offering a large spectrum of products, and developing a multi-channel banking approach.”

The general shareholders meeting of Rosbank approved the new composition of the Board of Directors:

A.E. Bougrov, Managing Director of Interros Holding Company

S. Cabannes, Deputy CEO of Societe Generale Group

P. Citerne, Deputy CEO of Societe Generale Group

M.G. Gilman, Professor of Economics, Head of Economic Policy Center of Academy of Economics, Moscow

A.G. Hirst, Non-executive Director of North Star Corporate Finance

Klishas, CEO of K.M. Invest and Deputy CEO of Interros Holding Company

J-L. Mattei, Head of International Retail Banking, Societe Generale

C. Poirier, Senior Advisor to the Chairman and to the CEO of Societe Generale

A.V. Popov, CEO of Rosbank

The Board of Directors appointed Phillip Citerne as Chairman of the Board and Jean-Louis Mattei as Vice Chairman.

In order to finance the bank’s ongoing development, the shareholders have decided not to pay a dividend for 2007.

Deloitte & Touche was confirmed as the external auditor for Rosbank for the year 2008.