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Results of the General Meeting of Shareholders of the JSCB “Eximbank”.
The General Meeting of Shareholders of the Joint Stock Commercial Bank “Eximbank” was held today. The meeting has examined the financial results of the bank for the year 2004 and approved the development strategy for the year 2005.

In accordance with the shareholder’s decision all net profit received by the bank in 2004 totaling 5, 33 million lei will be directed to the bank’s development. Out of this amount 5% or 0, 27 million lei will be used for increasing the reserve fund and 95 % or 5,06 million lei will remain as undistributed profit.

The General Meeting of Shareholders has examined and approved the Annual Reports of the Board, the Revision Committee and the management, the report on fulfillment of the business plan for 2004, as well as the regulations of the Board and the Revision Committee of Eximbank.

The meeting has acknowledged that the Bank has reached all main objectives stipulated by the business plan for 2004. The balance of the bank increased in 2004 by 275, 6 million lei (73,1%) and reached 652,4 million lei by the end of the year. The loan portfolio of the bank grew by 158,9 million lei (73, 3%) and reached 364,5 million lei. The total of all attracted resources by the bank increased by 241,9 million lei and reached 511,7 million lei. The total deposits from private persons have increased by 160.9 million lei (101,4%) and from legal entities by 81,0 million lei (72,9%) reaching respectively 319,6 million lei and 192,1 million lei. The return on assets (ROA) was 1,1% and return on equity (ROE) was 6,9%.

In the reported year the bank successfully continued the projects of issuing and servicing of Visa and MasterCard bank cards, permanently improving the quality of the existing card products and developing new ones. To make its bank cards even more attractive for the general public the bank has come forward with a new product – credit cards and has continued expanding the existing network of ATMs and POS terminals both in the capital and throughout the country.

Special attention was paid throughout 2004 to introduction of the latest banking technologies. By the end of the year the bank had an integrated automated banking system based on the international information technology standards making it possible to provide high quality services both at the head office and in all branches throughout the country.

The Meeting pointed out the successful participation of the bank during 2004 in various contests and tenders. Thus, as a result of a competitive contest in August 2004 to select a commercial bank for servicing the Territorial Treasuries of the Ministry of Finance, by the decision of the Government of the Republic of Moldova Eximbank was entrusted with proving bank services to the territorial treasuries of Soroca, Ungheni, Orhei and Kauseni regions. In August 2004 Eximbank was declared the only winner of the tender organized by the Ministry of Labor and Social Security to select a commercial bank for providing loans out of the Population Occupancy Fund for new jobs creation. In November 2004 Eximbank was one of the two winners of the tender, organized by the Main State Tax Service for selecting a broker company for selling sequestered securities at the Moldovan Stock Exchange. In this year Eximbank became a member of the Rural Investment Services Project (RISP), financed by the World Bank.

The Meeting has approved the Business plan for 2005, which stipulates increase of the bank’s balance by 24% to reach 810 million lei and the net profit to be not less than 5, 5 million lei. The plan for the increase of the tier one capital of the bank in 2005 has also been approved by the meeting. The relatively low net profit planned for 2005 is explained by the shareholders’ strategy to further expand the network of branches and representatives, which in its turn assumes considerable growth of operating expenses.

The international company “KPMG-Moldova” has been approved as the auditing company of Eximbank for 2005.

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