Nikoil OJSCInvestment Commercial Bank named Nikoloz Shurgaia chairman of themanagement board, replacing Vasily Victorovich Khamaza, who has held theposition since 2005.

Shurgaia is currently a member of the supervisory boards ofcertain Georgian and Belarusian banks as well as the Georgian Stock Exchange.

The Azerbaijan-based bank indicated that the managementchange is part of efforts to accelerate its strategic transformation plan.