PrivatBank
AS ‘PrivatBank’ press release
PrivatBank 22.03.2011 15:13 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- On January 21, 2011, according to the amendments to Article 27(1) of the Credit Institution Law of the Republic of Latvia, the Financial and Capital Market Commission of the Republic of Latvia was granted the right to withdraw the licence of a bank if shareholders possessing a qualifying holding in a bank have been banned by the Commission from using the voting right for more than six months. The voting right of Unimain Holdings Limited was limited by the Commission on January 15, 2010. The Commission determined that the six-month period for solving the issue (cancelling the ban) should be counted from January 21, 2011. There is no reason for concern as in order to solve this situation, the management of the Group approached the shareholders with a proposal to issue additional shares, thus decreasing Unimain Holding Limited's holding. A preliminary consent regarding this issue was received from the main shareholders. The question regarding the issue of additional shares was included in the agenda of the next Shareholders' Meeting, which will be held on 23.03.2011 in Riga, therefore the Bank will comply with the requirements of the Law. 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. Gita Markovska AS 'PrivatBank' Head of Marketing and Advertising Department Phone (371) 67041382 Gita_Markovska@privatbank.lv News Source: NASDAQ OMX 22.03.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: PrivatBank Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000800332 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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