OREANDA-NEWS. Mr. Sandy Vaci, Chairman of the Supervisory Board of CREDIT BANK OF MOSCOW, has announced his resignation from the post, effective April 16, 2013, while retaining his membership on the Supervisory Board of the Bank.

Mr. Vaci, who has been in the role since 2008, commented: "I am personally very proud of our accomplishments over the past 5 years. We have implemented proper Board and Committee structures with all positions filled by strong, capable individuals. We have established world class governance and control mechanisms and are well on our way to building a disclosure approach accommodating multiple shareholders, as part of our preparations for an eventual IPO. The Board, however, will need a strong independent Chairman who can guide it through the IPO process and stay on afterwards - to provide the continuity investors demand. As I have been in the position for 5 years, I may not be able to fulfill that requirement - anyone with 7 to 8 years in a post could be considered “too close to the business” to claim independence. I am glad that Bill Owens, a current member of the Supervisory Board, has accepted our nomination to take over from me. Bill has a wealth of board level experience, as well as a strong financial background. He is also one of the most respected state governors in recent US history, having served two terms at the head of the State of Colorado. I thank him for his commitment, wish him best of luck, and continued success to the very capable Management of CREDIT BANK OF MOSCOW".

"I am looking forward to working with my colleagues at CREDIT BANK OF MOSCOW in a new role and being a part of the continuing progress of this outstanding bank", Bill Owens commented.

Bill Owens served as Governor of Colorado (US) from 1999 to 2007, State Treasurer from 1995-1999, and as an Independent Director of Far Eastern Shipping Company (FESCO), a Russian shipping, logistics and port company which was listed on MICEX-RTS. Mr. Owens serves on the boards of a number of NYSE-listed companies.