10 Jun 2011 19:51

Igor Kim quitting MDM Board

MOSCOW. June 10 (Interfax) - Igor Kim is quitting the board of directors of MDM Bank .

Oleg Vyugin, the board chairman, told Interfax that Kim was not on the list of candidates for election to the new board and that Sergei Timofeyev, the chief executive, had been nominated instead.

Timofeyev replaced Kim as chief executive last year.

Kim will remain an MDM shareholder. "It is no secret to anybody that he has a whole range of businesses on which he wants to concentrate," Vyugin said. They include Orient Express Bank.

There are no other changes to candidates for MDM Bank's board.

MDM Bank was Russia's 15th largest by assets, according to the Interfax-100 ranking at the end of Q1 2011.

The AGM takes place on June 20.