OREANDA-NEWS. October 06, 2011. Sergey Monin was appointed as CEO of Russia’s Raiffeisenbank by the bank’s Supervisory Board at its meeting. The appointment is subject to the approval of the Central Bank of Russia. Monin, up to now the Deputy Chairman of Raiffeisenbank’s Managing Board, succeeds Pavel Gurin, who had headed the Russian subsidiary of Raiffeisen Bank International AG (RBI) for three years before passing away at the start of September after a long and very brave fight against cancer, reported the press-centre of Raiffeisenbank.

"As Acting Chairman of the Managing Board during the past few months, Sergey Monin has already proved that he is capable of heading Raiffeisenbank. His outstanding professionalism, many years of experience in the Russian banking sector, and strong managerial skills will no doubt enable him to achieve all the goals we’ve set for our largest subsidiary bank, which has a high strategic importance for Raiffeisen Bank International," said Herbert Stepic, CEO of RBI and Chairman of Raiffeisenbank’s Supervisory Board.

"I would like to thank Raiffeisenbank’s shareholders for their confidence in me. With the bank performing very well both in terms of business results and management efficiency, I will do everything possible to meet their expectations for its continued performance," said Sergey Monin.

Sergey Monin was born in Moscow in 1973. He graduated from the "Financial University under the Government of the Russian Federation" in 1995, majoring in international economic affairs. Monin joined Raiffeisenbank in 1996, was promoted to Head of Treasury in 1999 and appointed Board Member in charge of Treasury in 2003.

RBI is the Western banking group most geared towards Russia. Founded in 1996, Raiffeisenbank ranked ninth in terms of loans and advances to customers in the Russian banking market as per the end of March 2011. Serving nearly two million customers via 190 business outlets and about 8,600 employees (as per the end of June 2011), it is the second-largest foreign bank in Russia, whose banking sector enjoys a solid outlook and declining non-performing loan-ratios. Raiffeisenbank also makes a key contribution to RBI’s ideal positioning to capture the trans-regional trade-flows through its business operations in Central and Eastern Europe and Asia.