OREANDA-NEWS. April 27, 2011. The shareholders of the Public Joint Stock Company Raiffeisen Bank Aval approved the Management Board's report on the bank’s performance in 2010 and its main objectives for 2011 at the annual general shareholders’ meeting held today in Kyiv.

The shareholders also approved the Supervisory Board's report on the bank’s performance in 2010, the reports and conclusions of the Auditing Commission and those of the external auditor RSM APiK on the performance of the bank and its subsidiaries in the previous year, as well as Raiffeisen Bank Aval's annual report and balance sheet and also the consolidated annual report of the bank and its subsidiaries for 2010.

The shareholders approved the bank’s profit for 2010 in the size of UAH 745,000 and the scheme of its distribution. Specifically, UAH 700,000 out of the bank’s profit is to be directed at payment of dividends to holders of the bank’s privileged shares, and UAH 45,000 is to be added to the bank’s reserve fund.

At their meeting, the shareholders also decided to redeem the bank’s ordinary and privileged shares from private shareholders and to sell all the redeemed ordinary and privileged shares to the bank’s principal shareholder — Raiffeisen Bank International, which owns the constitutive share of the bank’s stock.

The shareholders elected the new composition of the Supervisory Board, which includes Herbert Stepic (Chairman#, Peter Lennkh #Deputy# and 7 members: Karl Sevelda, Johann Strobl, Nicolaus Hagleitner, Aris Bogdaneris, Martin Gruell, Kurt Geiger, Gennadi Yerokhin.

Raiffeisen Bank Aval JSC, founded in March 1992, is one of the largest Ukrainian banks in terms of a number of core parameters. It is a universal bank, which offers clients a wide range of standard and innovative services through its all-Ukraine branch network.

Raiffeisen Bank Aval is a subsidiary bank of Raiffeisen Bank International AG #Austria#. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets, which service about 14 million customers through around 3,000 business outlets.

RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG #RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange.

RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.