A small St. Petersburg bank has a foreign independent director. PETERSBURG SOCIAL COMMERCIAL BANK (PSCB) is to give a board seat to Volker Undorf, a former VOSTOK WESTLB chairman. He will provide advisory services to the board of directors and prepare the bank for alliance with a Western bank. A small German bank will be among PSCB shareholders. The bank management will retain the controlling stake. As of January 1, 2006, PSCB assets stood at R3.577 billion (217th place) and capital was at R511.8m (281st place).
Source: VEDOMOSTI ST. PETERSBURG, June 26, 2006
