OREANDA-NEWS. May 18, 2012. Bank Vozrozhdenie consistently focuses on the quality of corporate management and improvement of its operational efficiency. Therefore, as a part of a management structure reform in order to increase advantages among competitors, strengthen bank’s market position and in line with international practices it was decided to enhance the role of the Board of Directors in the bank, reported the press-centre of Bank Vozrozhdenie.

The Board of Directors and its committees are expected to strengthen  their role in defining the strategies of the bank. It is planned to increase the controlling functions of the Board over the CEO activities as well as over bank’s operation itself, therefore implementation of the bank’s development policies in general.

To ensure abovementioned initiatives Dmitry Orlov, Chairman of the Management Board and the member of the Board of Directors, offered to step down as the Chairman of the Management Board and afterwards to declare his candidacy as a Chairman of the Board of Directors. Dmitry Orlov, who remained as a CEO of Bank Vozrozhdenie since its establishment, is the key shareholder of the bank owing 35.44% of voting shares, including indirect ownership. As for now Mr. Orlov plans to focus on the work of the Board of Directors to facilitate implementation of the goals and objectives that have been set.

Mr. Orlov offered the candidacy of Alexander Dolgopolov, Deputy Chairman of the Management Board to succeed as the Chairman of the Management Board to ensure consistency of operational management. Alexander Dolgopolov works in the bank for more than18 years, throughout which he actively participated in the bank’s development and realization of important initiatives, including evolution of retail business dimension. Currently Mr. Dolgopolov is responsible for retail business, corporate governance, cash operations, marketing and AML. His share in the authorized capital of Bank Vozrozhdenie is 0.36%.

Human resources and compensation Committee of the bank recommended Alexander Dolgopolov to be elected as the Chairman of the Management Board on the annual General Meeting of Shareholders. His candidacy fully complies with all the qualification criteria for the position of the head of the credit institution.

Planned changes to the corporate governance system should not have any impact on the strategy of Bank Vozrozhdenie. The bank remains a universal independent provider of commercial banking services for corporate and retail clients with a developed branch network in the key regions of presence — Moscow region, South and North-West of Russia. In the corporate segment with small and medium enterprises as the key clientele Bank Vozrozhdenie focuses on complex servicing of every client, many of which remain with the bank for more than 20 years. In the retail segment Bank Vozrozhdenie actively develops mortgage and consumer lending. Retail client funds are the core funding source for the bank that stabilizes its activity. Bank Vozrozhdenie focuses on development of profitable business with significant share of stable non-interest income, while conservative risk management policy ensures unwavering commitment to observing interests of its clients and shareholders in any economic conditions.