RIA NOVOSTI. MDM Bank’s board of directors recommended that an annual shareholders meeting approve no dividend payouts for 2011 on common and preferred shares of all classes and let the bank dispose of Rub 1.38 bln profit earned as it thinks fit," RIA Novosti wired. The lending institution will hold an AGM on June 29, 2012.
MDM Bank did not pay out any dividend for 2010 and 2009 either. Last year the lending institution converted Type 3 listed preferred shares into commons.
MDM Bank was established in August 2009 through the merger of MDM-Bank and URSA Bank. Previously both banks were Top 30 lenders by assets.
The shareholders will also have to elect a new board. On the list of board nominees are the bank’s owner Sergey Popov, current management board chairman Oleg Vyugin, Edward Nassim and Lars Gronstedt (all of them are current board members). MDM Bank former management board chairman Sergey Trofimov, who has recently been busy with business expansion in the Urals region as the head of a regional bank, is no longer on the list. On the list he was replaced by the lending institution’s current CEO Igor Kuzin who returned to the bank this February. Kuzin already led MDM Bank in 2008, but after the completion of the merger with URSA Bank he gave his seat to Igor Kim. Igor Kim pulled out of MDM Bank this February.
