Confirmed Capital Increase of Vaba

Shareholders of Vaba Bank confirmed the proposed decisions at today’s Extraordinary General Assembly, thereby confirming the capital increase of the Bank in the amount of 50 million kuna.

In accordance with the proposed agenda of the Assembly, shareholders confirmed the exchange of shares with a nominal amount for ordinary shares without a nominal amount, covering losses with funds from capital reserves, simplified reduction of the Bank’s share capital while simultaneously increasing the share capital and issuing shares for cash contributions, approval of the acquisition of shares without the obligation to publish a takeover bid, as well as the necessary amendments to the Statute related to the aforementioned.

Also, on this occasion, the new members of the Supervisory Board appointed are Julius Strapek, Tomislav Marinac, Zoran Zemlić, and Irena Adžić-Jagodić.

At the same time, the shareholder of Vaba d.d. Bank Varaždin – the company Validus d.d. in bankruptcy, outside the assembly, based on statutory authority, revoked the members of the Supervisory Board Ivana Jagačić and Marinko Benić and appointed Mario Baburić as a member of the Bank’s Supervisory Board.

After the changes, the Supervisory Board of Vaba d.d. Bank Varaždin consists of a total of seven members, which, in addition to the five new members, includes the previous two members: Vladimir Košćec and Tomas Hlavač.

The new investor – Alternative Management d.o.o. in accordance with today’s confirmed decision of the Assembly, will pay the amount of 50,000,006.00 kuna, after which 3,571,429 new ordinary shares will be issued in the name, and the Bank’s share capital will amount to 74,713,198.00 kuna.

Considering the global macroeconomic situation, it is assessed positively that the Bank has attracted an investor who, by paying additional capital, will enable the Bank to achieve further stable growth and development, as well as a capital adequacy ratio at the level of the best-capitalized Banks in the Republic of Croatia. All of the above will ensure the further strengthening of the Bank’s position as a reliable and modern regional Bank, they state from Vaba.