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in 2005, Fitch Ratings upgraded the Bank's long-term rating from 'В-' to 'В'. In detail…

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Andrei Likhovid and Alexandr Morozov Are Respectively Appointed General Director and Executive Director of ZENIT's Directorate of Private Banking

Andrei Likhovid was appointed General Director of the ZENIT's Directorate of Private Banking (DPB), and Alexandr Morozov was appointed its Executive Director.

The DPB is a separate structural unit of Bank ZENIT specialising in the provision of premium Private Banking services to well-off clients.

Before coming to the Directorate, its new Head, Mr. Likhovid dealt with international projects and clearing currency transactions at Bank ZENIT. He has long experience in international settlements and collaborated with the top management of many largest local and foreign corporations in his sphere of competence. After graduating from the MFA's MGIMO (Faculty of External Economic Relations) in 1979 Mr. Likhovid worked at the USSR Ministries of Foreign Trade and External Economic Relations, and as their employee spent 10 years abroad in long-term business trips. From 1995 Mr. Likhovid held senior positions at a number of large commercial trading companies, and in 2002 he was invited to Bank ZENIT.

'The management set the goal for the Bank's Directorate of Private Banking to reach new frontiers, and make a good progress in attracting and servicing clients in compliance with up-to-date standards of Private Banking', said Mr. Likhovid.

Alexandr Morozov who took the position of the DPB's Executive Director has two tertiary education diplomas: the Moscow Road Transport Institute (1988) and the Higher School of Economics (1996). He is Candidate of Sciences (Engineering). Mr. Morozov has been working at Bank ZENIT since 2000 and has held a number of positions from the Chief Economist to the Head of the VIP Division at the DPB.

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