PRIME-TASS. The Board of Directors at Bank Nizhny Novgorod (part of banking group Promsvyazbank) recommended that the AGM scheduled for June 22 decide not to pay out dividends for 2008, the bank said in a statement.
At the AGM the lender’s shareholders plan to approve an annual report, including a decision on profit distribution, elect new members of the board and the audit committee, give the green light to related party transactions and those with affiliates that could be executed in the future in the ordinary course of business. Based on preliminary data, the lending institution’s 2008 net profit sank 5.5 times y-
The lending institution’s board of directors that addressed issues of an upcoming AGM also adopted a decision to prematurely terminate the authority of the bank’s president Vyacheslav Rasskazov and appoint Larisa Ershova as new president. An application seeking approval of her candidature was submitted to the Chief Directorate of the Central Bank of Russia in the Nizhny Novgorod region.
The lending institution’s charter capital is equal to Rub 622.16 mln, with around 100% of it owned by Promsvyazbank. The lender was established in 1990 and it owns a POS network comprising 10 additional sales offices.
