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CORPORATE BRIEFS

Ľudová Banka has new owner

One of the medium-sized banks in Slovakia, Ľudová Banka, a.s., Bratislava, has a new majority owner. It is the Vienna-based company VBB-International Holding GmbH, which acquired 28.93% of common stock and 37.21% of preferred shares through a public pledge it announced last week.

According to a December 15 statement from the central securities registrar, the Austrian company became the owner of 59.86% of common stock and 83.36% of preferred shares in Ľudová Banka. It acquired these shares from the original owner, Osterreichische Volksbanken Aktiengesellschaft, whose stake in the bank dropped to zero.

The volume of the bank's share assets is to increase by 10% next year, probably through a capital investment by French banks. The National Bank of Slovakia is expected to greenlight the increase by the end of 1998. By the end of 1998, the total assets of Ľudová Banka are expected to reach 20 billion Sk.

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