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Pavel Gurin to become Chairman of the Managing Board of ZAO Raiffeisenbank

The board of directors of the ZAO Raiffeisenbank has taken the decision to appoint Pavel Gurin as CEO of the bank from 30th September. The appointment will take effect following approval by the Central Bank of the Russian Federation. This decision was a natural step in the further development of Raifeissenbank and ensures that the successful course taken in the last few years by the present CEO Johann Jonach and the team at a Raiffeisenbank will be continued. Johann Jonach notified the board of directors that he has decided to take the executive management post outside of the Raiffeisen Group.

Herbert Stepic, Chairman of the Supervisory Board underlined, «Our task remains the same: to continue the outstanding track record of the Raiffeisen Group in Russia. Pavel Gurin and his team will further improve the position we gained during the past few years».

«We operate in a highly competitive environment, but I do not have any doubt that we will succeed since we have the major pre-requisite for the further successful development of Raiffeisenbank: its highly professional and motivated team from Kaliningrad to Kamchatka», Pavel Gurin added.

Pavel Gurin has been working in the bank since 1999. For the last two years he held the position of deputy CEO. Pavel Gurin has significantly contributed to the development of the bank, in particular the corporate and investment banking segment of the business. The successor to Pavel Gurin on the board and the person who will oversee corporate business will be Oksana Panchenko. She has worked in Raiffeisenbank since 1997, and for the last six years has headed the corporate client service department. This appointment will take effect following approval by the Central Bank of the Russian Federation.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 7th in terms of assets among top Russian banks based on 1H 2008 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 5th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 1H 2008 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europe’s growth region are covered by subsidiary banks, finance leasing companies and a number of other financial service providers. Over 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.


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