Vadim Sorokin Appointed CFO of MDM Bank

27.10.2008

Today MDM Bank announces the appointment of Vadim Sorokin as Chief Financial Officer (CFO) of MDM Bank.  Andrey Ilyin, who has been MDM Bank’s CFO since 2004, decided to leave the bank in connection with plans to consider opportunities in a new field.  The MDM Bank Board of Directors thanks Andrey for his contributions to implementing the Bank’s strategy, diversifying its assets and liabilities base, creating MDM Bank’s excess liquidity cushion and improving the Bank’s financial transparency.

Vadim Sorokin begins as CFO on 27 October 2008.  He joins MDM Bank from Deloitte, where over the past 10 years he was promoted from the position of manager to partner-in-charge of the financial services practice.  Previously he worked as CFO at East-European Investment Alliance, and held positions at the bank Alba-Alliance and KPMG.  Vadim graduated from the Financial Academy of the Government of the Russian Federation.

Commenting on the appointment of Vadim Sorokin, MDM Bank CEO Igor Kouzin said, “MDM Bank has traditionally attracted the best and most qualified people on the market.  We are happy to have such a highly qualified finance professional join us as CFO.  The bank today faces challenging tasks that require the mobilization of its intellectual resources: in this difficult time for the market, we aim to increase efficiency and implement a new model for financing the growth of our business.  This will require a long-term view, a strategic approach and deep analysis.  We are confident that Vadim Sorokin has full command of all of these skills.”

Vadim Sorokin said the following regarding his appointment: “Joining a bank on the level of MDM is a serious step in my professional career.  The Bank has a clear development strategy and is known for its balanced, conservative financial policy, which is the basis of its sustainability and reliability. In the current market situation these are major advantages, which we must support and use.  I view my role as seeking new ways to support the sustainable development of the bank through a balanced financial policy.”

Following approval by the Central Bank of Russia Vadim Sorokin will join MDM Bank’s Management Board.

MDM Bank

MDM Bank was founded in December 1993 and holds a General Banking License issued by the Central Bank of Russia (#2361 dated 31 March 2008). MDM Bank is one of the most dynamically developing
banks in Russia and is among the top Russian banks in terms of assets and equity. Today, MDM Bank is a modern universal financial institution offering a full range of services to its clients.

MDM has one of the highest credit ratings among privately-owned Russian banks – Standard & Poor’s (BB, stable), Fitch Ratings (BB, stable) and Moody’s (Ba1, stable) – and is the only Russian financial
organization that has been given a public Corporate Governance Score by Standard & Poor’s (CGS-6+).

Standard & Poor’s awarded MDM Bank the highest ranking in its study of “Transparency and Disclosure by Russian banks” in 2006 and 2007. The Bank was also regarded by Euromoney magazine
as “one of the leading banks in Russia and Emerging Europe, applying the most advanced standards of corporate governance.”

MDM Bank has received a number of awards from Global Finance magazine:
2005 – Best Domestic Bank and Editor’s Special Award for Transparency.
2006 – Best Forex Bank, Best Domestic Bank, Best Domestic M&A Arranger, and Best Bank in Corporate Governance. In October 2006, Euromoney magazine awarded MDM Bank Leading Bank in Corporate Governance in Emerging Europe.
2007 – Corporate Governance Editor’s Award, and Best Forex Bank.
2008 – Best Domestic Bond Research Team
2008 - Euromoney magazine named MDM Bank the Best Managed Bank in Corporate and Investment
Banking in Central and Eastern Europe – 2007

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