ISP To Keep VÚB Bank´s 2008 Profit in Slovakia
László Török elected a new Vice-chairman of the VUB Bank Supervisory Board
Bratislava, April 7, 2009 – The Ordinary General Meeting of VÚB, a.s. (GM) has approved of the Annual Report of VÚB, a.s. for 2008, 2008 Statutory Individual Financial Statements prepared in accordance with IFRS and Consolidated Financial Statements prepared in accordance with IFRS for a previous year as submitted by the Management Board of the bank.
The GM elected Mr. László Török a new Vice-chairman of the Supervisory Board of VÚB, a.s. substituting thus Mr. Ezio Salvai who resigned from the position of the Vice-chairman of the Supervisory Board and the GM took note of it.
The shareholders also decided on distributing a profit earned in 2008 in the amount of € 144,810,695.08 (SKK 4,362,567,000) by retaining the whole profit in the amount of € 144,810,695.08 as submitted by the Management Board of the bank.
“In the long term, the decision to keep the profit in the bank will help to strengthen its position and protect investments of shareholders and customers. Retaining the profit will lay ground for further business growth and, at the same time, prepare the whole banking group for a possible negative impact of the economic crisis. We believe that raising the available capital and securing the financial flexibility of the bank actually represent signs of prudent banking under the current economic circumstances,” stated Mr. Ignacio Jaquotot, CEO and Chairman of the Management Board of VUB Bank. For more information on GM please go to www.vub.sk and click on Information for Shareholders.