PRIME-TASS. The Board of Directors at Novosibirsk Municipal Bank (NMB) recommended that the annual shareholders meeting approve no dividends for 2008, the lending institution reported after a March 23 board meeting.
The AGM is scheduled for April 23. The agenda includes the following issues: approval of the lender’s annual report, annual accounting records, including the P&L statement, distribution of 2008 profit and the amount of dividends to be paid out, election of a new board, a new general director and a new audit committee, appointment of an independent auditor for 2009 and approval of related party transactions.
NMB managed to raise its 2008 net profit by 34.9% y-
The bank was incorporated in 1994 and its charter capital equals Rub 100 mln. The lending institutions major shareholders are the Department for Land and Property Relations of the City Hall of Novosibirsk, municipal unitary enterprise Gorvodokanal, Novosibirsk Vacuum Tube Plant Soyuz, Sibmost and Berdsk Electric Mechanical Plant.