Some changes have occurred in the composition of the bank’s Board. Former Deputy President Yuri Kachalin was elected President, succeeding Mikhail Parfentiev (who moved on to become Head of Financial Management for the Board), states the company’s report.

Chairman Valeriy Efros is to sign the agreement with the new President soon. According to the report, Mr Kachalin does not possess any shares of the bank.

Two months ago (on May 26, 2006), the company’s top management redistributed the shares they had so that the shares of Mr Parfentiev (who had a 4.397% share holding) and Mr Kachalin (who had a 3.98% share holding) went down to zero, whereas the share of Mr Efros rose from 31.825% to 43.996%.