Press release
Press-release
Decisions of the Annual Ordinary General Shareholder Meeting of CB VICTORIABANK JSC as of May 19, 2010.
On May 19, 2010, VICTORIABANK held its General Shareholder Meeting in the presence of shareholders representing more than 68% from total number of shares issued by the bank. All items included in the agenda were approved with over 3/4 from the votes present at the meeting, the decisions being listed below:
1. Approval of the Financial Report, Board of Administration Report and Audit Committee Report for 2009.
In 2009, VICTORIABANK has consolidated its position in all business areas, aiming to maintain its position as the safest bank in Moldova, by providing quality services and advanced banking products.
In 2009, the Bank’s assets have risen by 10.3%, up to 5.977 billion lei, exceeding the planned level by 3.9%. The bank’s market share by this indicator has increased by 1.1 p.p. and constituted 15% of total banking system assets.
As at December 31, 2009 the credit portfolio constituted 3.283 billion lei, or 54.9% of total assets. The Bank’s market share of total credits has increased with 0.5 p.p. and constituted 14.6% by the end of the year.
In 2009, the balance of deposits has decreased with 3.1% in the overall banking system of Moldova, while deposits of the group of largest banks have increased by 2.1%. The total volume of deposits in VICTORIABANK has risen by 6.0%, or 268 million lei, and constituted the amount of 4.757 billion lei. The business plan was surpassed by 5.6%. Market share in total deposits increased by 1.5 p.p. and constituted 18.1% at the end of the reporting period.
According to the financial results VICTORIABANK has obtained a profit worth 65.5 million lei in 2009 year, thus meeting the plan’s benchmark.
2. Approval the dividend payment.
The distribution of Bank profits has been approved. At the proposal of Bank Shareholders, the General Meeting has approved the dividend payment. The amount of dividends per one bank share, which has the nominal value of 10 lei, represented 53.125 lei.
Also, the shareholders approved the norms of profit distribution for 2010.
3. Increase of statutory capital.
In order to comply with the provisions imposed by the National Bank of Moldova to set for all commercial banks starting 31.12.2010 the minimum quantum of statutory capital of 100’000’000 lei, the General Shareholder Meeting as of 19.05.2010 has approved the increase of statutory capital of CB “VICTORIABANK” JSC by issuing additional ordinary shares in quantity of 6,800,011 lei with nominal value 10 lei/share, in amount of 68,000,110 lei, paid from the Bank’s undistributed profit. Thus, the Bank’s statutory capital will constitute 100,000,110 mln lei after the additional share emission.
4. Appointment of Auditing Company “Deloitte&Touche” SRL as external Bank Auditor for 2010 year and establishment of the amount of its retribution; approval of the amount of retribution for the Audit Committee.
Additional Information:
In 2009 CB “VICTORIABANK” JSC has marked 20 years of activity. During this period the Bank gained a vast experience in the financial-banking sector of the Republic of Moldova. Although 2009 was a year of economic recession, full of new challenges and risks, the Bank consolidated its position in the banking system of Moldova, at the same time taking care of the interests of its shareholders, partners and clients. The obtained results are due to the team, which consists of enthusiastic professionals who understand their role in the Bank’s development.
At the end of the meeting, the Chairman of the Board, Mr. Vladimir Plahotniuc, thanked the shareholders for their participation, all clients and partners for their trust, as well as all Board members, the management and employees of VICTORIABANK, who contributed to the successful performance of the Bank.
The Chairman of the Board assured that the Board members, including himself personally will contribute to the further consolidation of the bank on the financial market and underlined the main principles and directions of the Bank’s development for the next years, such as: network expansion, optimization of informational technologies, implementation of various social projects and last, but not least the stimulation of the Bank’s employees.
