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17.09.2012

Endowment fund’s capital increased by RUR30m

On 11 September 2012 the Board of Directors of Center-invest Bank decided to increase the capital of the Endowment Fund for Education and Science in the Southern Federal District by RUR30m. This is to allow the further development of social and educational projects for schoolchildren, students, young academics and teaching staff in southern Russia. The fund now has capital of RUR68.5m.

The Endowment Fund for Education and Science in the Southern Federal District (SFD) was established in the summer of 2007 on the initiative of Center-invest Bank. The endowment fund is a practical and effective financial instrument that allows businesses to legitimately benefit from supporting education and science in southern Russia.

Donations to endowment funds are tax deductible. In return for donations of more than RUR3m, companies and individual business people can have a scholarship named after them, and higher education institutions can use the fund to award scholarships to their top students.

An endowment fund’s capital comprises capital from its founders, individual donations, and money raised through fund-raising. The main advantages of the Endowment Fund for Education and Science in the SFD are that it provides a long-term education support programme, through which all interested parties, including the business community, can pool their efforts, and it uses best international practice to support education in southern Russia.

Center-invest Bank successfully manages several endowment funds: in addition to the Endowment Fund for Education and Science in the SFD, the bank manages the Endowment Fund for the Southern Federal University and the Endowment Fund for the Don State Technical University.

In partnership with the Endowment Fund for Education and Science in the SFD, Center-invest Bank has run a scholarship competition since 2003. This competition incentivizes the best students, increasing their motivation to study and encouraging civic engagement. To date, approximately 2000 students have received Center-invest Bank scholarships.

The tenth open scholarship competition for undergraduates and postgraduates in southern Russia was announced on 11 September 2012.

Applications for scholarships may be submitted by full-time students who meet any of the following criteria: last two academic sessions passed with high marks, academic competition winners, engaged in socially useful activities. Applications will be accepted on the endowment fund’s website (education.southofrussia.ru) until 20 October 2012.

Two hundred and fifty applicants who demonstrate high potential, academic achievements, and a professional focus will receive a scholarship of RUR20,000 and the opportunity to take up a work placement at Center-invest Bank, southern Russia’s leading financial institution.

The 10th annual award ceremony for the winners of the Center-invest Bank scholarship competition will be held on 18 December as part of a student ball.

Detailed information about the fund and the scholarship programme can be found on the website: www.education.southofrussia.ru.