INVESTSBERBANK (OJSC) and OTP Bank Plc. continue the integration process aimed at bringing internal processes into compliance with international standards of OTP Group. INVESTSBERBANK pays special attention to employ bank managers who possess significant experience in Russian banking system.

In light of this process INVESTSBERBANK (OJSC) announces the following appointments.

Alexey Korovin is appointed to the position of President and CEO of INVESTSBERBANK (JSCB). Central Bank of Russian Federation had already approved the appointment of Mr. Korovin: the appropriate decision was made on August 3rd, 2007 by Moscow chief territory administration of CBR. Alexey Korovin will start fulfilling his functions starting from August 13, 2007.

Inabat Torok, former acting President INVESTSBERBANK (OJSC), will take the position of Deputy Chairman of the Management board and will be responsible for risk management.

«Further development of Investsberbank will be related with active implementation of new initiatives and products including retail and corporate businesses. This process requires deep knowledge of Russian financial market. We have been looking for an appropriate manager for the position of the President for a long time. I am sure that experience of Mr. Korovin will help to energize the work of Investsberbank in all area», — says Laszlo Wolf, Chairman of the Board of INVESTSBERBANK (OJSC), Deputy Chief Executive Officer of OTP Bank Plc.

Personal details of Alexey Korovin

Before joining INVESTSBERBANK (OJSC) Alexey Korovin held the position of First Deputy Chairman of Management Board of Impexbank, Raiffeisen Group and was responsible for the operations with small and micro enterprises, public sector entities and cash management.

Alexey Korovin has been working in Impexbank since March 2000. He was appointed to the position of the Deputy Chairman in April, 2000 and has been responsible for International business development and Operations.

Before joining Impexbank Alexey Korovin held the position of Deputy Head of International Department in «OJSC Bank Rossiyskiy Kredit» where he started his career in 1993 in analytics department.

In 1994 Alexey Korovin had graduated with honors from Moscow Aviation Institute majoring in economics and engineering management. He speaks English and French fluently.