The Supervisory Board of VAB Bank has appointed Mr Petr Rasocha as Chairman of the Management Board of VAB Bank replacing Mr Andrey Snegirev who left the office of Chairman following the expiration of his two-year contract.
Before the appointment, Mr Rasocha held the position of the First Deputy Chairman of the Management Board of VAB Bank for retail business and distribution, and was an external advisor to VAB Bank on business processes reorganization and building distribution network for financial products.
Mr Rasocha graduated from McMaster University (Canada). He has a track record of over 17 years in finance. Prior to VAB Bank, he held managerial positions with Scotiabank (Canada), GE Capital Bank and Citibank (Czech Republic). GE Capital Bank, one of the largest banks in the Czech Republic, occupies leading positions in retail lending. Citibank has been present in the Czech financial market since 1991 and is a leader in corporate banking; since 2001, it has been actively developing retail banking business.
Mr Sergey Maksimov, President of VAB Group (since October 2006 VAB Bank is a member of the financial group) expressed confidence, commenting on the new appointment, that under the direction of Mr Petr Rasocha VAB Bank will achieve its strategic goals, especially in strengthening of the bank’s positions in retail business.
“According to the strategic development program adopted by the shareholders, the key direction of VAB Bank development is strengthening of the bank’s positions in retail segment, including SMEs. We have been consistently pursuing the objectives of the strategic plan. We increased the number of sales points throughout Ukraine to 160 this year, introduced new sales concept, and rebranded the bank with focus on retail business, reengineered business processes respectively and implemented new organizational chart. We are certain that professional attainments and impressive employment record of Mr Rasocha with large foreign retail banks will bring us closer to our goal, i.e. intensification of VAB Bank’s activities in the retail segment through broadening the product rage, introducing world standards in business processes and quality of service” said Mr Maksimov.
Mr Ivo Gueorguiev, Managing Director of TBIF Financial Services B.V. (Amsterdam, the Netherlands), emphasized that appointment of Mr Petr Rasocha attests to the TBIF’s substantial plans in the Ukrainian financial market. “We have high expectations for the development of retail business at VAB Bank. Our confidence rests on the understanding of the Ukrainian market prospects, TBIF’s successful operation in the financial markets of eight countries in Eastern Europe and systematic approach to the transformation of VAB Bank into a retail bank. The appointment of a professional with unique experience in building retail business in a number of East-European countries along with our material capital injections in VAB Bank are another powerful argument for the serious intentions of TBIF Financial Services BV in the Ukrainian market” said Mr Gueorguiev.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992. According to the National Bank of Ukraine, it ranks among the large banks in Ukraine. In October 2006, VAB Bank became a member of VAB Group, a full-service financial group. Branch network consists of 25 branches and 137 outlets throughout Ukraine and a representative office in Budapest (Hungary). There is a large international company, TBIF Financial Services (Amsterdam, the Netherlands), among the bank’s shareholders.
Total assets of VAB Bank amounted to UAH 5.4 billion as of 01 July 2007, total capital — UAH 563 million. The 20th issue of VAB Bank’s shares, the results of which were approved by the General Shareholders’ Assembly on 27 July 2007, shall increase total capital to UAH 670 million.
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