At today's meeting, the Supervisory Board of Nova KBM discussed current operations of the Bank and was informed of the preliminary results of operations in the previous year. In spite of adverse financial markets conditions throughout 2009, the Bank and the Group performed well and achieved the results which were in line with the plan adopted at the 13th meeting of the Supervisory Board in September 2009. The year 2009 was one of the most challenging financial years in the history of the Bank's business. However, its operations were stable, and the Bank generated a profit as well as maintained its strong market position, notwithstanding the uncertain market conditions.
In reviewing present activities, Supervisory Board members discussed the plan of work of the Internal Audit Department and acquainted themselves with the report on activities of the Supervisory Board Committees in 2009.
More detailed information and preliminary results of operations of the Bank and the Nova KBM Group will be published on Tuesday, 9 February, before the opening of trading on the Ljubljana Stock Exchange, on the web portal SeoNet.
Supervisory Board members also discussed the proposal of the Management Board concerning the equity investment of Nova KBM in the Serbian bank Credy Banka. In view of strategic development objectives of expanding the Bank's business into the markets of SE Europe, the Supervisory Board supported the proposal, and requested the Management Board to conclude negotiations with the majority owner of Credy Banka and carry out all necessary activities for the Nova KBM's equity investment in Credy Banka, with the aim to acquire the majority shareholding in this bank.
