MDM Bank’s Board of Directors has unanimously recommended Sergey Timofeyev to become the bank’s General Director and Management Board Chairman

05.07.2010

The Board of Directors of MDM Bank has unanimously recommended Sergey Timofeyev for the post of General Director and Chairman of the Management Board.  He will replace Igor Kim in this post.  Mr. Timofeyev will officially take office after obtaining the respective approval from the Central Bank of Russia. 

For eight years, Mr. Timofeyev has held senior positions at MDM Bank, and has experience in all aspects of the Bank’s business.  He has headed MDM Bank’s operations in the Russian Far East and later in the Urals region.

Outgoing General Director Igor Kim remarked: “The process of integrating the two banks has been successfully completed, and therefore that part of my work at MDM Bank has been fulfilled.  I believe that transferring power to a new man who will take responsibility for developing the Bank in the coming years is the right decision. I would like to offer him my personal best wishes, and professionally I am sure he will go on to great achievements in the post of CEO and Chairman of the Management Board of MDM Bank.”

Oleg Vyugin, the Chairman of MDM Bank’s Board of Directors, said: “In Sergey Timofeyev we have a specialist who possesses comprehensive practical professional experience at MDM Bank, who has achieved outstanding operating results and who has received high recognition on the part of our clients.  The Board of Directors has taken the route of consolidation in supporting his candidacy as a specialist capable of ensuring the dynamic development of the Bank, and has shown its confidence in him by approving a five-year contract for the position of General Director and Management Board Chairman.”

Sergey Timofeyev

Born in Vladivostok in 1965.

Mr. Timofeyev graduated from the Pacific State University of Economics with a major in Finance and Credit, and from the Primorsky Institute of Professional Development specializing in Government and Municipal Management.

He started his career in banking at The Far Eastern Bank in 1994.

From October 1996 until July 2001, Sergey was Head of the Client Relationship division and sat on the management board of The Primorie Commercial Bank.

In August 2001, Sergey joined MDM Bank as head of its Vladivostok branch. In 2008, he managed the Urals territorial bank in Ekaterinburg.

Prior to becoming General Director of MDM Bank, he sat on the Board of OJSC Energy Systems of the East and was Deputy General Director for economics at OJSC The Far-Eastern Energy Management Company.

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