CORPORATE BRIEFS

Devín Banka's pretax earnings up 60% in 1H99

The Slovak-Russian financial house Devín Banka reported pretax earnings of 89 million crowns ($2.2 million} for the first six months of 1999, a 60% improvement over the same period of last year. The total assets of the bank more than doubled from last year to 11.1 billion crowns.

Client deposits increased significantly from 3.2 billion crowns in the middle of 1998 to 8.9 million crowns in 1999. The registered capital of the bank is one billion crowns. Unsettled losses from previous years total 140 million crowns. For the whole of 1998, the bank reported net earnings of 39 million crowns.

Devín Banka was established in February 1992 as an investment bank offering international payment and settlement services, above all between Slovak and Russian companies. At present, it is chiefly involved in the provision of banking services to citizens and the domestic business sector. It also recently won a disputed tender to mediate the settlement of Russia's debt to Slovakia.

As of the end of July 1998, shareholders with over a five-percent stake in Devín Banka included: Alcatel SEL TLH; Apis Turčianské Teplice; VTF Energia Turčianské Teplice; Goya Japan Co., Ltd.; Ifop Bratislava and MFK Renaissance Bank, Moscow.

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