Press Release Press Release


March 18, 2010

Karsten Sieber and Sergeij Safonov to join the Board of Managing Directors at Bank Forum

Commerzbank today announced that from May 1, 2010 respectively from April 1, 2010 on Karsten Sieber and Sergeij Safonov will join the Board of Managing Directors of the Ukrainian Bank Forum. Karsten Sieber will assume the responsibilities of the Deputy CEO. Sergeij Safonov will be in charge of the corporate banking business. These appointments are still subject to the approval of the respective bodies and supervisory authorities. The Bank’s CEO since 2005 is Iaroslav Kolesnyk.
Karsten Sieber, who was born in Aachen, Germany in 1963, joined Commerzbank in 2004 after being with HypoVereinsbank for several years. Since then he took over leading positions within the Mittelstandsbank business division. Among others he was responsible for credit and process management. He is head of Cash Management and International Business since April 2008.
36 year-old Sergeij Safonov was formerly employed by the international consultancy company Roland Berger. As a Principal he was active in the strategy consulting business for seven years. In his new position as Board Member of Bank Forum he will be responsible for the corporate banking business and the adjunct processes.
“With Karsten Sieber and Sergeij Safonov we are strengthening our expertise in the corporate banking business as well as in the process management, in particular, within the Board of Managing Directors”, says Andre Carls CEO of the Central and Eastern Europe Holding of Commerzbank. The appointments are also a mark for the additional flexibility we have recently gained. I wish all the best to both for the upcoming challenges”, Carls continues.
In March 2008 Commerzbank has acquired a 60 per cent plus 1 share stake in Bank Forum.
On March 4, 2010 the German bank announced an increase of its stake by 26.25 per cent to around
89.3 per cent.

Beate Schlosser ++49 69 136 22137