Credit Bank of Moscow to be presided by Roman I. Avdeev


Moscow, 20 November, 2007 — The Bank's Supervisory Board approved the resignation of Chairman of the Board — President of Credit Bank of Moscow Mr. Alexander L. Khrilev.

Mr. Roman  I. Avdeev, the ultimate beneficial shareholder of the Bank and chairman of its Supervisory Board, is expected to become the new Chairman of the Board — President, subject to approval by the Bank of Russia and satisfaction of other formalities.

First Deputy Chairman of the Board — President Alexander  N. Nikolashin was appointed provisional Chairman of the Board — President.

The Bank's top management is otherwise unchanged and its business is to be carried on as usual.