The Annual General Meeting of ASPIS BANK''s Shareholders was held today, May 10, 2007, and was attended by shareholders representing the 67.23% of voting rights.
During the presentation of the financial statements, Mr. Constantine Karatzas, Chairman and Managing Director, underlined that 2006 was the second consecutive year of high profitability for the ASPIS BANK Group, as a result of the management''s consistent adherence to its strategy, the strengthening of the Bank''s presence in the Greek banking sector, the maintenance of high growth rates and the improvement of infrastructure.
Whilst presenting the evolution ASPIS BANK''s and its subsidiaries'' key financial figures and activities in 2006, Mr. Constantine Karatzas, pointed out that the Bank expanded its branch network in 6 cities and launched new retail banking products. As a result, the total assets increased by 14%, loans net of provision-which are the main source of income- increased by 15% and the deposits increased by 23%. He also stated that the focus on core banking activities, i.e. corporate and retail banking, combined with operating cost containment led to the increase of profit after tax and minority interest to EUR 12.3 million. Finally, he announced that the high returns of the ASPIS BANK Group resulted in the distribution of dividend of EUR 0.06 per share.
Mr C. Karatzas went on to unfold the management''s strategic objectives for the next year, reassuring the shareholders that the course of development and profitability of the Bank, based on the existing targets, will continue in 2007 as well. He underlined that the primary pursuit remains the Bank''s robust, stable and self-reliant growth by strengthening its position in the Greek banking sector, exploiting growth potentials in specialised areas such as capital markets, developing new products, containing operating cost and further exploiting synergies between the Bank and the insurance companies of the ASPIS Group.
In conclusion, Mr. Constantine Karatzas referred to the Bank of Greece''s rejection of ASPIS BANK''s request to acquire 51% of FBB, and pointed out that the Bank respects such decision. However, it is convinced that, despite the difficulty of the undertaking, due to lack of an increased majority and difficulty of determining synergies in advance, such an acquisition would be beneficial for all the parties involved. He went on to state that the Bank''s capital adequacy ratio, following the recent share capital increase by approximately EUR 53 million and the issuance of hybrid Tier 1 and Lower Tier 2 of EUR 90 million, has reached 18,8%. He noted that the strong capital adequacy will support a strong internal growth in Greece, together with exploration of potential opportunities in neighboring countries.
The General Meeting approved the increase of the members of the Board of Directors to eight (8) and the election of Messrs Grigorios Drettas and Stratis Stratigis as new members of the Bank''s Board of Directors. Also, a 12/month share buyback scheme for up to 10% of the paid up share capital, at a minimum price of the par value and a maximum price of EUR 15, was approved.