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Until this appointment, Khvesyuk, 32, was a Member of Alfa-Bank's Board of Directors and Head of Legal Department.

Commenting on the appointment, Alfa-Bank's Chairman of the Board of Directors Mikhail Fridman said: “I am delighted to introduce Mr. Khvesyuk, a highly experienced and dedicated professional with a untarnished reputation, to our international team of top management. This appointment underlines Alfa-Bank's commitment to maintaining the best traditions of corporate governance and continuing our dynamic development with new ideas”.

Alfa-Bank (including its branches and subsidiaries) has total employees of around 7,000, as at 31st December 2001. The average age is 33.

Leonard Vid, 70, former Chairman, will stay at Alfa-Bank as Deputy to the Chairman of the Board of Directors.

Rushan Khvesiuk, 1969, graduated from the Moscow State Academy of Law in 1994 and has headed Alfa-Bank's legal department since 1995.

Russia's “Career” Magazine named Khvesyuk as one of the 50 best Russian corporate lawyers in 2001.

Alfa-Bank is the largest private bank in Russia with assets of US $2.7 billion and shareholder equity of US $278 million. The Bank reported record profits in 2001 of US $85 million.

Alfa-Bank provides a full range of banking services — commercial banking, investment banking, asset management, trade finance and insurance. The Bank is rated B1 by Moody's, B with positive outlook by Fitch and CCC+ with positive outlook by S&P.

Founded in 1990, Alfa-Bank has more than 80 branches across Russia and fully licensed banking subsidiaries in Ukraine, Kazakhstan, and the Netherlands. The Bank's fast growing brokerage business has a FSA authorised arm in London and a NASD registered Broker-Dealer in New York. Inside Russia, Alfa-Bank is a leader in mergers and acquisitions and debt capital markets, and one of the biggest issuers of banking cards. The Bank also runs the country's largest mutual fund.