CREDIT BANK OF MOSCOW held the first meeting of Supervisory Board in its renewed composition


5 December 2012 – CREDIT BANK OF MOSCOW held the first meeting of its new Supervisory Board which was joined in late November 2012 by William Owens, who also chairs the Strategic and Finance Committee, and EBRD-nominated Vadim Sorokin, who serves on the Audit and Risk Committee. At their meeting the Board focused on the Bank’s strategic planning and corporate governance, and discussed international market developments, including their impact on Russian capital markets.

To note, 2012 also saw the following prior appointments: Andrew Gazitua joined the Supervisory Board of the Bank and Nicholas Haag became an Independent Advisor to the Chairman of the Management Board. They both also serve on the Capital Markets Committee of the Supervisory Board of the Bank. These recent changes in the Supervisory Board structure increase the Board’s role in strategic planning and in the Bank’s growing engagement in international capital markets.

"Governance issues become increasingly important as the Bank keeps developing and growing at a high pace. This is especially so, as we welcome two new shareholders, EBRD and IFC. Accordingly, the Supervisory Board continues driving implementation of best international governance practices. In addition, having the right strategic vision and high quality daily implementation is also paramount. Because of this, and given CBM's active participation in capital markets and a potential future IPO, the Board also focuses more and more on strategic issues and on the Bank's approach to engaging international capital markets," - commented Sandy Vaci, Chairman of the Supervisory Board of CREDIT BANK OF MOSCOW.

The Bank’s Supervisory Board now consists of twelve members, of which seven are independent directors and six are international appointees. Board members have deep experience in finance, investments, capital markets, audit and corporate law, as well as strong business background at the CEO and Supervisory Board level. More information on Supervisory Board Members and their key roles can be found on the Bank’s official website in the Supervisory Board.