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Rosbank Shareholders to Approve New BoD

The Rosbank general shareholders meeting reviewed the results of the bank’s activity in 2007, approved the annual report and accounts as of January 1, 2008 as well as the profit and loss account for the 2007 financial year.

In 2007, Rosbank assets, calculated in compliance to IFRS standards, soared 39% up to RUR 408.1 bln. with credit portfolio showing highest growth rate of 44,8%. The expense ratio continued to decrease in 2007 reaching 55.2% while the net profit grew by 61.5% to RUR 6.2 bln. For Rosbank, the past year was rich in events. First of all, I would like to express my satisfaction with the successful completion of the strategic transaction with Societe Generale. It showed that the strategy we had chosen for the development of Rosbank helped it to attain a leading position on the Russian banking market. This transaction is the evidence of the recognition of the high potential of Russian leading banks by international financial institutions, said Andrey Klishas, Chairman of the BoD of Rosbank.

In order to finance the bank’s ongoing development, the shareholders have decided not to pay dividends for 2007.

Deloitte & Touche was confirmed as the external auditor for Rosbank for the year 2008.

The general shareholders meeting of Rosbank approved the new Board of Directors:

  • A.E. Bougrov, Managing director of Interros holding company
  • S. Cabannes, Deputy CEO of Societe Generale Group
  • P. Citerne, Deputy CEO of Societe Generale Group
  • M.G. Gilman, Professor of Economics, Head of Economic Policy Center of Academy of Economics, Moscow
  • A.G. Hirst, Non-executive director of North Star Corporate Finance
  • A. Klishas, Director General of KM Invest and Deputy Director General of Interros Holding Company
  • J.-L. Mattei, Head of International Retail Banking, Societe Generale
  • C. Poirier, Senior Advisor to the Chairman and to the CEO of Societe Generale A.V. Popov, CEO of Rosbank

The BoD appointed Philippe Citerne as Chairman of the Board and Jean-Louis Mattei as Vice Chairman.