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in early June 2006, Bank ZENIT borrowed a syndicated loan of $135 million from 27 foreign banks representing over 10 countries. In detail…

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Viktor Isakov and Vladimir Padanin Are Appointed Members of Bank ZENIT Board

Viktor Isakov, head of the Operations and Payment Department, and Vladimir Padanin, head of the Banking Network Department, were appointed members of Bank ZENIT Board.

Vladimir Padanin, in his new capacity, is to ensure the development of the banking network and supervise the operations of the subsidiaries, including Devon-Credit Bank-one of the largest banks in Tatarstan, purchased by Bank ZENIT from Tatneft in 2005. Increasing the share of regional clients' business in the Bank's total assets, liabilities and profit is one of Mr. Padanin's principal goals. 'Bank ZENIT has always considered the work in regions as a priority,' Mr. Padanin noted. 'And now we have set new, ambitious tasks in that area.' Viktor Isakov, as a member of the board, will continue to manage the Operations and Payment Department and will also supervise the Collateral Department, Currency Control Department, Depositary Department, Transaction Processing Department, and Financial Monitoring Unit. 'Our goals include further technological development of support units and ensuring that all our procedures strictly comply with current regulations,' Mr. Isakov said, noting that Bank ZENIT had always been closely involved in activities of the banking community and regulatory authorities designed to improve currency control and financial monitoring mechanisms.

BACKGROUND INFORMATION:

Vladimir Padanin, graduated from the Radio Physics Faculty (1994) and the Economic Faculty (1995) of Nizhny Novgorod State Technical University. In 1996-1998 he worked as credit inspector and then as the head of a credit division sector at the Nizhny Novgorod branch of Incombank. In 1999-2002 he managed the Credit Division and then the Credit Department of the Nizhny Novgorod Branch of Alfa-Bank, and afterwards was appointed deputy manager. Since 2002 Mr. Padanin has worked at Bank ZENIT, first as manager of the Nizhny Novgorod branch, and as the Moscow headquarters' head of the Client Department since 2004.

Viktor Isakov received his first tertiary education diploma in 1991 at the Faculty of Special Mechanical Engineering, NE Bauman Moscow State Technical University. In 1997, he received the diploma of the Financial Academy (specialty Finance and Credit) and is currently completing his studies at the Legal Faculty of the Moscow State University. In 1994-1997, Mr. Isakov worked at the Federal Service for Currency and Export Control. Since 1997 he has worked at Bank ZENIT as head of the Control and Analysis Division of the Currency Control Department, head of the Financial Monitoring Unit, and head of the Operations and Payment Department.

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