On June 16th, 2010, the regular meeting of shareholders took place.

One of the shareholders with 10% stake Leo Overseas Ltd Cyprus (owned 100% by Firebird Management LLC, NY USA) has replaced its representative on the Board of Directors with Mr. Ian Hague.

Also, Mr. Lev Dobrynin re-entered the Board, who was previously Deputy Chairman of the Management Board.

"Sotsgorbank's shareholders pay attention to the responsibility of management and business development. The appearance of new representatives on the Board of Directors is a recognized practice for managers rotation. We are confident that the new Board members will take an active part in formulating and implementing the Bank's strategy in the medium term and will also help efficient work organisation” – said Alexander Dmitruk, the principal shareholder, Chairman of the Management Board.