OREANDA-NEWS. On June 22, 2009 The Board of Directors of JSB ORGRESBANK has decided to appoint Igor Kogan a Deputy Chairman of the Board of Directors. Igor Bulantsev, who had previously held the position of First Deputy Chairman of the Management Board, will replace him as the Chairman of the Management Board, reported the press-centre of ORGRESBANK.
 
This decision has been prompted by a significant expansion of the business since the Bank became part of Nordea Group in 2007. Over this period the Bank has considerably strengthened its positions on the financial market and now ranks among TOP-30 in terms of assets, having increased its equity capital up to 23.3 billion rubles (as per IFRS ), branch network has increased in 5 times.
 
Rapid growth of the business has necessitated separation of the strategic and operating management. Thus, Igor Kogan in his new position of Deputy Chairman of the Board of Directors will be in charge of the strategic issues and overall development, whereas the Management Board with Igor Bulantsev at the head will be responsible for day-to-day operations of the Bank.
 
The changes in management structure of the Bank reflect its full integration into Nordea Group, which owns 100% of Orgresbank from May 2009.