Max Bank A/S
Annual report for 2010
Max Bank A/S 10.03.2011 15:55 --------------------------------------------------------------------------- At a meeting today, Max Bank's Board of Directors adopted the annual report for 2010 as well as a new plan, the so-called Plan 2013, which is to make the Bank independent of government guarantees in two years. In addition, a new Chairman is to be elected for the Board of Directors at the Annual General Meeting to be held on 30 March 2011. Næstved, Denmark, 2011-03-10 15:55 CET (GLOBE NEWSWIRE) -- Annual report for 2010 Max Bank presents its annual report for 2010, showing a loss after tax of DKK 28m. This corresponds exactly to the expected performance announced in the Stock Exchange Announcement of 8 February 2011. Please find attached the annual report for 2010. Plan 2013 Like other banks, Max Bank faces several challenges following the latest bank failures. For this reason, the Bank has adopted Plan 2013 specifying the efforts to be made in terms of capital structure and balance sheet total. The aim for Max bank is to become independent of government guarantees in two years. Further, the Bank aims to turn three loss-making years into operating profits. Plan 2013 is described on page 5 of the annual report and in the announcement attached. Change of Chairman Hans Fossing Nielsen, 65, has decided not to accept renomination at the Annual General Meeting planned for 30 March 2011. Please refer to the announcement attached for further information about the motivation for this and the election of a new chairman. Any questions should be submitted to Henrik Lund, Chief Executive Officer, or Henrik Borup Jeppesen, Bank Chief Executive Officer. Yours faithfully Max Bank A/S Henrik Lund Henrik Borup Jeppesen Chief Executive Officer Bank Executive Officer Mobile + 45 21 72 17 86 Mobile + 45 61 56 60 00 Stock Exchange Announcement No. 3/2011 News Source: NASDAQ OMX 10.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. 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: Max Bank A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010305903 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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