OREANDA-NEWS. PSC Prominvestbank held a scheduled General Meeting of Shareholders.

At the General Meeting of Shareholders the bank’s management has presented the 2012 annual report. Overall, the bank’s financial indicators showed Prominvestbank’s stable development. Thus, during 2012 the net assets have grown by 7.9% to USD 5.2 billion, while overdue accounts payable have decreased almost twofold during 2 years: from USD 95.7 million to USD 53.8 million; liabilities have increased by 9.3% and reached USD 4.5 billion, EBIT amounted to USD 125.9 million; net profit has grown 2.4 times vs 2011 and reached USD 8.9 million. During 2012, loans to corporate clients have increased by over 9% and reached USD 3.8 billion, which ranked Prominvestbank (PIB) 4th among Ukrainian banks in terms of corporate financing.

In 2012, Vneshekonombank (VEB) continued active support of Prominvestbank’s operations, first of all by providing long-term financing resources. As of the end of 2012, PIB’s resource base was funded mostly with VEB’s USD 300 million subordinated loan repayable by August 2020, VEB’s multicurrency lines of credit for the aggregate amount of USD 2 billion (on which Prominvestbank has actually drawn USD 1.6 billion as of the beginning of 2013), and USD 648 million in subscriptions to the authorized capital.

‘Boasting a balanced portfolio of assets and liabilities and sufficient liquidity, Prominvestbank PSC plans to continue increasing its absolute and relative performance indicators, improve the level of banking services provided to corporate customers vis-a-vis the present state of affairs on the Ukrainian banking market’, V.V. Minin, member of the Supervisory Board said.

Among the financial institution’s development plans for 2013 and future years the Chairman of Prominvestbank PSC Management Board V.V. Bashkirov named continuing strengthening of positions on the Ukrainian banking market, maintaining the bank’s stable financial standing, balancing the interests of shareholders and customers, improvement of qualitative and quantitative performance indicators, in particular, perfection and enlargement of the range of services, increase of operations with assets and liabilities, growth of operating profitability and the share of presence on the Ukrainian banking market. Investment financing of corporate businesses was named as one of the priority areas of Prominvestbank’s activities. ‘First of all, our bank will continue developing relationships with large corporate customers with orientation toward projects with participation of Russian capital, Russian-Ukrainian integration projects in strategically important sectors of economy’, V.V. Bashkirov said. ‘In addition, during 2013 our bank intends to actively develop retail business, in particular, individual financing’.

The meeting has passed the following resolutions:

To approve the bank’s IFRS-compliant 2012 annual financial report

To approve the bank’s 2012 profit of UAH 71.4 million (the equivalent of USD 8.9 million)

To allocate the 2012 profit of UAH 71.4 million and also the undistributed profits from past years in the amount of UAH 7.0 million to the bank’s reserve fund in accordance with the Law of Ukraine On Banks and the Banking

To allocate the bank’s reserve fund of UAH 78.4 million to cover the losses of past years

To increase the bank’s authorized capital by UAH 2930 million with additional subscriptions raised via private offering of additional stock of existing nominal value due to the need in additional capitalization of Prominvestbank PSC to sustain further development and improve the bank’s performance indicators

To approve resolution on private stock offering and prospectus of the bank’s stock issue to be privately offered.

Resolution of the General Meeting of Shareholders has also approved the new membership of the bank’s Supervisory Board. The new members of Prominvestbank PSC Supervisory Board include:

Mr. Dmitriev Vladimir Alexandrovich, Governor of Vneshekonombank;

Mr. Fradkov Pyotr Mikhailovich, General Director of Russian Agency for Insurance of Export Loans and Investments OJSC;

Mr. Vasil’ev Sergey Alexandrovich, member of the Management Board, Deputy Governor of Vneshekonombank;

Mr. Andrianov Vladimir Dmitrievich, Director of Department for Strategic Analysis and Developments at Vneshekonombank;

Mr. Minin Vladimir Vladimirovich, Director of Department for Subsidiary Banks at Vneshekonombank;

Mr. Zelenov Aleksandr Viktorovich, Director of Department for Financial Institutions at Vneshekonombank;

Mr. Kuznetsov Sergey Vladimirovich, Director of Legal Department at Vneshekonombank;

Mr. Minichev Ilya Valeryevich, Director of Department for Structured and Debt Financing at Vneshekonombank;

Mr. Dmitriev Kirill Alexandrovich, General Director of the Managing Company of the Russian Direct Investment Fund.