Банкеръ Weekly



At the general meeting held on June 24, DZI Bank shareholders decided to allocate the entire 2004 profit worth BGN3.37MN to the Reserve Fund. As a result, the bank's net worth will grow from BGN54.9MN to BGN58.3MN. However, DZI Bank's capital base is much higher. According to figures as of May 31, 2005, it amounts to BGN89MN. The raise is due to the BGN30MN that DZI and the rest of the companies holding shares in the Emil Kyulev-owned bank put in its capital as subordinate time debt. The money came from the sale of rights (warrants) over 25% of DZI Bank's shares on the Vienna Stock Exchange.In March 2005, Bank Austria acquired 24.84% of the shares of DZI Bank and issued one-year rights on them that were sold on the Vienna Stock Exchange. The warrants were acquired by twelve foreign companies, banks, and mutual funds. Most rights over DZI Bank shares (worth BGN2.5MN) were bought by the US Julius Baer company, followed by the Swedish East Capital which acquired warrants worth BGN1.9MN. The Austrian Uniqua which invested BGN1.7MN in rights over DZI Bank's capital ranked third. The initial buyers were active in offering the bank's shares on the Vienna Stock Exchange, so the shares changed hands quite often. In May 2005, for example, the exchange announced that the Slovenian Nova Ljubljanska Banka acquired warrants providing it with rights over 5% of the shares of DZI Bank. When the one-year warrants term expires, their holders will become owners of the shares they have rights on.The general meeting accepted the executive directors's report on the bank's 2004 activities. For the period in which the operating management of the institution was in the hands of Vladimir Vladimirov (who took the management of INVESTBANK from the beginning of 2005), DZI Bank increased its assets by 23% and made them worth BGN752.2MN at the end of 2004. The total amount of loans launched by the bank grew by 33% reaching BGN277.3MN at year-end. In the end of 2004, deposits of individuals and companies amounted to BGN649.5MN - 42% above the level reported a year earlier.The shareholders decided not to change the members of the bank's Supervisory Board. Bul Audit OOD and Deloitte Touche AD were chosen for auditors in 2005.

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