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Andrey Snegirev Appointed Acting Chairman of ‘Sokrat’ Financial Company

October 9, 2008

The appointment of Andrey Snegirev reflects the intentions of shareholders of the ‘Sokrat’ Investment Group to establish a top-management comprised of the best professionals in Ukraine’s financial sector, having both experience with international financial institutions and a strong knowledge of the specifics of the Ukrainian market. At the next General shareholders’ meeting, participants will approve Andrey Snegirev as Chairman of the JSC ‘Sokrat’ Financial Company. Valery Nilov, who had previously occupied the post of Chairman of the Board, will be appointed as the company’s President.

Andrey Snegirev is a well-known manager in the financial market of Ukraine, with a reputation of being a serious strategist. He brings to this position extensive managerial experience, having headed leading Ukrainian banks such as Alfa Bank and the VAB Bank over the past several years. Earlier, Andrey Snegirev was involved from the outset in the establishment of ‘Raiffeisenbank Ukraine’ (now OTP Bank) and has made a significant contribution to the rapid development and growth output of the eight largest banks in Ukraine.

“I have long been attracted to the investment business. And while the world's stock markets are experiencing far from the best of times, it was with great interest that I responded to the offer made by the ‘Sokrat’ Financial Company’s shareholders to lead the company and use all my strategic and managerial experience in this capacity,” Andrey Snegirev commented in reference to his appointment. “Perhaps to some, my withdrawal from the banking system after 14 years of a successful career in this field may seem surprising and even paradoxical, but I see this new opportunity for both the company and myself personally.”

Andrey Snegirev’s goals include the development of a new business strategy for the company, its adaptation to changing market conditions, and accessing new markets and activities, including the development of new products for customers of the ‘Sokrat’ Financial Company.

Andrey Snegirev is 57 years old. Prior to joining the ‘Sokrat’ Investment Group, he served as the Chairman of the ‘Investment and Savings Bank’ since September 2007, Chairman of the Board of VAB Bank from 2005 to 2007, and Chairman of the Alfa Bank (Ukraine) for the period 2003-2005. Andrey Snegirev also spent about 10 years with ‘Raiffeisen’, the famous Austrian banking group, starting as Head of the Kiev Representation of the ‘Raiffeisen Tsentralbank Austria AG’ and ending in the position of Deputy Chairman of ‘Raiffeisenbank Ukraine’.

The Public Relations Department of the ‘Sokrat’ Investment Group may be reached by Tel / Fax at +38 (044) 207-0100 or by e-mail at

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Kiev 04070, Ukraine

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