OREANDA-NEWS. MDM Bank announces the election of its Board of Directors. The Annual GeneralShareholders Meeting voted to approve a revised Board of Directors, including the election of Mr. Maurice Topiol; the Meeting also accepted the resignation of Mr. Lars Gronstedt from the Board. It is planned that Mr. Topiol will chair the Board's Strategy and Risks Committee and be a member of the Nominations and Remunerations Committee.

Mr. Gronstedt tendered his resignation from the Board due to the heavy workload involved with his other commitments. These competing priorities prevent him from allocating adequate time and attention to discharge his functions as a member of the Board of Directors of MDM Bank.

Mr. Topiol has over 25 years of experience in the financial sector and brings to the Board strong competences particularly in the area of financial strategy and planning.

Over the past 22 years, Mr. Topiol served as a Managing Director in the Financial Institutions Group at Rothschild in London where he led a number of high profile transactions. Amongst others, he advised the Dutch government on six major transactions during the first year of the financial crisis including the ˆ10billion recapitalization of ING, the ˆ3billion recapitalization of Aegon and the USD 28billion purchase of an Alt-A securities portfolio from ING. He also advised KBC on its acquisition of Absolut Bank, Mitsubishi on its ?4billion acquisition of a project finance portfolio from RBS and Rabobank on its USD 250million anchor investment as part of the IPO of Agricultural Bank of China.

From 2007 to 2011, Mr. Topiol also served as Chairman of Rothschild Russia where he was responsible for business strategy, management and senior support on key accounts.

“I am glad to welcome Maurice to the Board of Directors of MDM Bank. I am sure that with his participation the Bank will benefit from strong support and fresh development ideas,” Oleg Viyugin, the Chairman of MDM Bank's Board of Directors, said. “I also want to thank Lars for his contribution to the Bank's development. We appreciate the period of our joint work in the Bank and his experience, which we drew on to improve our operations. I regret that hisintense working schedule prevents him from continuing his work in the Bank's Board of Directors.”

“I am honored to join MDM Bank's Board of Directors and very much look forward to contributing to the bank's success over the years to come” Mr. Topiol said.