OREANDA-NEWS. March 29, 2011. At the Shareholders’ Meeting, which was held in Riga, it was decided by a majority vote to increase the bank’s share capital by 66 million LVL and issue additional shares, reported the press-centre of PrivatBank.

It was also determined that after issuing shares, Unimain Holdings Limited’s holding would be less than 10% of the share capital. Thus AS “PrivatBank” plans to comply with the requirements of the Credit Institution Law of the Republic of Latvia. As the result of the issue of additional shares the share capital will reach 106.470 million LVL. AS “PrivatBank” will move from 9th to 4th place among Latvian banks in terms of share capital.

SIA “KPMG Baltics” performed an audit of the consolidated financial statements of AS “PrivatBank” for 2010 and expressed an unqualified opinion on these statements. In 2010, AS “PrivatBank” made sufficient provisions to cover the loan portfolio in the amount of 10.68 million LVL, and as of the end of 2010, total provisioning reached 25.74 million LVL. AS “PrivatBank” plans to finish 2011 with profit.

The Commission’s comments on the independent auditors’ opinion are available here: https://www.oricgs.lv/eri/PRT1R/6339/