Promsvyazbank holds its Annual General Meeting of Shareholders

On 23 June 2008, the Annual General Meeting (AGM) of Shareholders of Promsvyazbank (PSB) was held to sum up the Bank’s results for 2007. The shareholders noted the growth in PSB’s key financial indicators and the dynamic development of its priority spheres of business. They also approved the financial statements of the Bank for 2007.

In accordance with the shareholders’ policy of increasing the Bank’s capitalisation, the AGM has resolved not to pay out dividends for 2007.

The AGM elected the new Board of Directors comprised of 9 members, including: Mr. Alexei Ananiev, Chairman of the Advisory Council of Technoserv A/S; Mr. Alexander Levkovskiy, PSB’s President; Mr. Vladislav Zabelin, Vice-President and Director of Legal Department of PromSvyazCapital Group (PSC); Mr. Sergei Kharitonov, Senior Vice-Chairman of the Advisory Council of Technoserv A/S; Mr. Pavel Khokhryakov, PSC’s President; Mr. Maxim Litvinov, Investment Director at PSC; Mr. Paul Ostling, former Chief Operations Partner at Ernst & Young; Mr. Tamjid Basunia, former partner at PricewaterhouseCoopers; and Mr. Sergei Shchebetov, Managing Partner of Trifecta Capital Partners.

The Bank’s shareholders approved the resolution on setting up the Promsvyazbank Banking Group, which will include PSB as the head organisation. The Group will also include OJSC Volgoprombank.

In addition, the AGM has approved PSB joining a non-profit organization - “Association of Regional Banks of Russia”.

 The AGM has elected PSB’s Audit Commission and approved KPMG as PSB’s external auditor for 2008.