OREANDA-NEWS. October 18, 2010. Within the coming month there will be important changes in Rietumu’s top-management. Alexander Kalinovski retires as the President of Rietumu and the Chairman of the Executive Board to switchover as a Member of the Bank’s Council focusing on corporate finance and investment banking within Rietumu Group. A. Kalinovski will also remain the Chairman of the Board of “Arena Riga” – entertainment and sport complex owned by Rietumu Group, reported the press-centre of Rietumu.

Alexander Pankov, previously First Vice-president and Deputy Chairman of the Board, has been appointed for the position of the President and the Chairman of the Board of Rietumu. Several new managers out of currently employed staff will be joining the Executive Board in the near future.

The changes to the Executive Board will be approved by the Bank’s shareholders meeting on November 5, 2010. After that the changes should also be accepted by Financial and Capital Market Commission.

According to Alexander Kalinovski: „These structural changes reflect the strategic importance of investment banking and corporate finance for Rietumu Group. Corporate finance and investment banking within Rietumu Group will be separated into independent unit to become one of the most rapidly growing areas of our banking business.
 
We have successfully survived financial crisis managing not only to retain high profits but also to secure new customers. The Bank is in excellent financial shape and it’s high time for further growth.

Being totally satisfied with the results Rietumu has achieved during my presidency, I give reigns to the new management team with which I have worked hand in hand all these years. I am going to continue my work in Rietumu Group, focusing on the investment banking and corporate finance as a Member of the Supervisory Council.”  

"The shareholders are extremely grateful to Alexander Kalinovski for everything he has done being the President of the Bank. Today Rietumu faces the necessity whilst Mr. Kalinovski has the required experience and intellect, to actively develop investment business of the Group in general and the Bank in particular. For Alexander the presidency of the Bank – is a well-known book and it’s time to turn over a new leaf.

The major task for the renewed Board is to introduce advanced banking technologies thus making Rietumu more competitive. That’s why Rietumu’s team is so young and aggressive. I am confident that this energy coupled with our long-term experience and resources we possess will help us make Rietumu stand out from the rest”, says Leonid Esterkin, Chairman of the Council.    
“Hard times are over and today we are stronger than ever not only in terms of financial standing. We have preserved highly effective and strong team, we possess the strength, experience and knowledge.

I am convinced that today, when the Bank faces new development objectives, the Executive Board together with our professional staff will fulfil these objectives and achieve the set goals”, notes Alexander Pankov.

Alexander Pankov was born in 1973.

Graduated from Riga Civil Air Fleet Engineers Institute in 1994 majoring in Engineering and Economy. Received ME degree in 1996.
 
Started to work for Rietumu in 1996 as a FX-dealer.

Since 2001 – vice-president, Head of Risk Management Department.

Since 2006 – first vice-president, Deputy Chairman of the Executive Board
 
Married, has two children.