OTP banka’s Supervisory Board held a meeting

In accordance with provisions of the Code of Best Practice for Warsaw Stock Exchange Listed Companies, the Ljubljana Stock Exchange Rules and the applicable legislation, OTP banka d.d. hereby publishes the following announcement:

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OTP banka’s Supervisory Board held a meeting

15 November 2012
OBVESTILA
In accordance with provisions of the Code of Best Practice for Warsaw Stock Exchange Listed Companies, the Ljubljana Stock Exchange Rules and the applicable legislation, OTP banka d.d. hereby publishes the following announcement:
 

At today’s meeting of OTP banka’s Supervisory Board, the supervisors approved the unaudited report of operations of the Bank and the OTP banka Group for the period ending 30 September, which will be released on Tuesday, 20 November, in accordance with the Bank’s financial calendar. In addition, the Supervisory Board consented to a partial conversion of loans into equity of Mariborska Livarna Maribor d.d., and was informed of the progress of work aimed at improving the Bank’s capital position. Preparations for the December Shareholders’ Meeting were discussed as well, as were some other issues relevant to the operations of the Bank.


In spite of the deteriorated economic conditions, in the first nine months of the year OTP banka implemented all the necessary measures to improve its performance and to create a firm basis for its future development. The Bank is performing in line with expectations and maintains adequate liquidity. Strengthening customer relationships, close monitoring of customers’ performance, and restructuring of its bad loans portfolio remain at the centre of the Bank’s attention. The Supervisory Board consented to the resolution of the Management Board concerning the Bank becoming one of three banks that are shareholders of Mariborska Livarna Maribor d.d.


Among the issues discussed by the Supervisory Board was the progress of activities aimed at improving the Bank’s capital position. Over the past months, the Management Board has held meetings with several existing and potential investors, presenting them opportunities to invest in the Bank, either in capital raising planned for this year or in any future capital raisings. The Bank’s appetite for fresh capital was also discussed by the Management Board during their visit with a business delegation to Russia at the beginning of this week. Based on the discussions that are still going on with several potential investors, the Management Board believes there is a fair amount of interest among investors to participate in the Bank's capital raisings. The outcome of these discussions as well a decision of the December Shareholders’ Meeting in respect of the share capital increase cannot be anticipated at this time.


The Supervisory Board considers that the efforts aimed at improving the Bank’s capital position are progressing according to the schedule. An appropriate scenario has been prepared for each possible decision regarding the share capital increase, so the Supervisory Board is convinced of the success of this year’s capital raising.


 
 
 
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