MDM BANK plans to spend $200 million on business restructuring until 2010, significantly raising the retail block and refocusing corporate business on small and medium clients. This was announced by bank chief executive Michel Perhirin, who moved to the bank in 2006 from Russian subsidiaries of RAIFFEISEN and SOCIETE GENERALE. In the past years, MDM BANK’s share of the market fell to 1.6%. By 2010, MDM BANK’s share of the market must equal 2.1%, which will roughly equal assets of $18b. MDM BANK is currently concentrating on large corporate clients and investment business, while retail clients are weakly represented in the portfolio.
Source: BANKI.RU, June 28, 2006
