OREANDA-NEWS. The ordinary general meeting of shareholders held on 28 March, approved AB DnB NORD Bankas 2007 consolidated annual report and financial statements and ruled to allocate the largest ever profit earned – LTL 107.9 million – for further growth of the bank. They also decided to invest more increasing the bank’s share capital to LTL 591 million. 

„We highly appreciate the commitment of our shareholders to further dynamic and balanced growth of the bank. That gives us a perfect opportunity to keep on concentrating on service quality, service culture and service speed while offering individually tailored simple and efficient solutions to our individual customers and businesses,” said Werner Schilli, the CEO and the Chairman of the AB DnB NORD Bankas management board.

The bank’s shareholders decided to allocated LTL 152.5 million of undistributed profit and LTL 29.3 million premium having resulted from the previous share issue allotment for the new capital increase by issuing 1 581 267 new ordinary nominal shares at par value of LTL 115 each. The shares would be distributed free on a pro rata basis to the bank’s shareholders.

They also ruled to increase authorized capital even more from additional contributions by issuing 395 316 new ordinary nominal shares with par value of LTL 115 each. The minimum issue price was set at LTL 370 per share bringing the aggregate issue price at LTL 146.3 million. The new shares would be paid in cash and would be available to the existing shareholders.

After the necessary legislative procedures are completed, the bank‘s authorized share capital will increase by LTL 227.3 million to LTL 591 million.

The bank‘s shareholders also elected Tony Samuelsen to Supervisory Council of AB DnB NORD Bankas. He will replace Pal Skoe, another representative of the DnB NOR on the eight member council. Mr. Samuelsen will take the post following the approval of the Bank of Lithuania.

The shareholders also backed the proposal to select Ernst & Young Baltic as an auditor for financial statements of AB DnB NORD Bankas for the year 2008.

AB DnB NORD Bankas is part of DnB NORD banking group that was established by the Norway’s largest bank DnB NOR and North Germany’s largest bank NORD/LB. DnB NORD Bankas runs three subsidiaries in Lithuania: asset management firm UAB DnB NORD Investicijш Valdymas, leasing arm UAB DnB NORD Lizingas and real estate brokerage UAB DnB NORD Bustas