MDM Bank announced the appointment of Alla Tsytovich, VP and director of business development, a member of the lending institution’s management board. This decision was taken at a board meeting held on September 27. Tsytovich’s appointment was previously agreed upon with the Bank of Russia.
MDM Bank is a large commercial bank focused on lending and maintaining accounts of corporate customers, and retail deposits. The bank is also quite aggressive on the FX market. Following a string of mergers, acquisitions and changes of the corporate name, which ended in 2009 through the merger of MDM-Bank with URSA Bank and the relocation of the head office from Moscow to the Novosibirsk region, in its new region the bank became No. 1 by all key performance indicators, leaving other banks far behind. Presently, the lender’s beneficial owners are MDM Holding SE jointly with the affiliated concern, MDM Management Company, which own 77.9% (the beneficial owner is Sergei Popov). Other shareholders of the lending institution are Olivant (6.2%), EBRD (4.8%), investment fund Russia Partners (4.2%), IFC (3.3%) and other shareholders (slightly over 3%). All in all, MDM Bank has around 5,000 shareholders. The board of directors is chaired by Oleg Vyugin who is famous for his service at the Central Bank of Russia, the Federal Service for Financial Markets (FSFM) and other government bodies.
Based on Banki.ru data, as of September 1, 2012 the lender’s net assets equaled Rub 357.67 bln (No. 15 in Russia), capital (calculated in line with CBR requirements) totaled Rub 41.62 bln, the credit portfolio amounted to Rub 208.08 bln and obligations to households equaled Rub 112.87 bln.
