5 Jul 2010 18:34


MOSCOW. July 5 (Interfax) - MDM Bank's board of directors has recommended Sergei Timofeyev as chairman of the bank's managing board, the bank said in a statement.

Timofeyev will replace Igor Him, who has headed the bank since August 2009 after the URSA Bank's merger with MDM-Bank .

After the Central Bank of Russia approves Timofeyev's candidacy, he will take over the post. The bank's board of directors has reached a five-year control with Timofeyev.

"The process of integrating the banks has been successfully completely, and, therefore, this part of my work at MDM Bank has been implemented. I believe that transferring authority to a new person today, who will undertake the bank's development in the near future, is the correct decision," Kim was quoted as saying in a statement.

Timofeyev started working in the banking sector in 1994 in Far East Bank. Between October 1996 and July 2001 he head client relations and was member of the managing board at AKB Primorye. Timofeyev has worked at MDM-Bank as of August 2001 as the head of the bank's branch in Vladivostok. In 2008, he headed Urals Bank in Yekaterinburg.

Before being invited to head MDM Bank, Timofeyev sat on OJSC RAO ES East's managing board and was deputy general director for economy and finance at OJSC Far East Energy Management Company.

MDM-Bank was 11th largest bank by assets at the end of the first quarter of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).