OREANDA-NEWS. February 17, 2012. MDM Bank has made changes to the composition of its management board. The Board of Directors has accepted the decision of Sergey Timofeev, the Chairman of the Management Board, to concentrate on developing the bank’s business in the Urals as head of the Urals Territorial Bank. Mr Timofeev will remain a member of the Management Board.

MDM Bank’s Board of Directors has recommended that Igor Kuzin replace Mr Timofeev as Chairman of the Management Board. Mr Kuzin formerly worked for the Bank in that position. The recommendation of the Board of Directors has been supported by all major shareholders of the Bank. The candidature of Mr Kuzin is subject to official approval by the Central Bank of the Russian Federation.

Oleg Viyugin, the Chairman of the Board of Directors, noted: “Under the guidance of Sergey Timofeev, the Bank negotiated an important stage of optimizing its management system and costs. In the course of developing its business model, a number of new products and services focused on customer needs were implemented. It is important for MDM Bank’s future that Sergey remains on the Management Board, and in this capacity he will take responsibility for developing the Bank’s business in the Urals, a priority region.”

He continued: “Igor Kuzin will bring to the role of Chairman of the Management Board his great experience of working at MDM Bank, which will enable a smooth succession and the efficient discharge of the MDM Bank’s goal of developing as a universal banking institution with a wide network of branches in the regions of Russia.”