PRIME-TASS. Shareholders of DnB NOR Monchebank, based in Murmansk, decided at an annual general meeting not to pay out dividends for 08, the bank said in a press release.
The AGM approved an annual report and annual accounting statements. As for financials, the lending institution’s after-tax profit amounted to Rub 96.26 mln in 2008. To sustain the lender’s development the shareholders adopted a decision not to make any dividend payouts for 2008 and leave retained earnings at the bank’s disposal. No dividends were paid out for 2007 either.
In order to strengthen the lending institution’s financial standing the AGM decided to upsize the charter capital by placing 300 mln additional common registered shares with Rub 1.00 par value each.
The AGM also re-elected the bank’s BoD whose members are Arild Fredriksen, Nils Petter Beck, Bord Tailand, Jostein Davidsen, Hans Christian Dall Nygard and Giuditta Cordero Moss.
Big 4 auditing firm Ernst & Young was appointed the bank’s auditor.
Monchebank, founded on the basis of the Monchegorsk branch of Promstroybank of the USSR, was registered on December 24, 1990. In January 2006 Monchebank became a subsidiary bank of Norway’s largest lender DnB NOR Bank ASA and was renamed in DnB NOR Monchebank in November 2006. The lending institution’s charter capital is equal to Rub 500 mln. It should be noted that 97.35% of the bank’s securities are held by Norwegian financial group DnB NOR.
