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CORPORATE BRIEFS

SLSP supervisory board directors recalled and replaced at shareholders meeting

A special shareholders' meeting at Slovenská Sporiteľňa (SLSP, the Slovak Savings Bank) took place on November 26. The EGM recalled all members of the former SLSP supervisory board and appointed new members. The meeting was called by the biggest SLSP shareholder, the FNM state privatisation agency, which controls a 91% stake.

The total assets of Slovenská Sporiteľňa a.s. Banska Bystrica rose to 174.635 billion Sk ($4.85 billion) at the end of the first half of 1998, a figure which is almost 27% of the entire Slovak 1997 GDP. SLSP, which is the largest Slovak bank, reported approximately 5.941 million accounts, and total client deposits were 139.677 billion Sk at the end of June.

During the first half of 1998, the bank provided loans of nearly 71.69 billion Sk ($2 billion), 58% of which were destined for non-financial organizations. Private individuals took loans of 15.877 billion Sk, accounting for 25% of the total loan portfolio.

Loans to SLSP clients make the biggest portion of the bank's assets. The second most significant item within the bank's assets is securities and certificates of deposit, which accounted for 38.095 billion Sk (22% of assets) at the end of the first half of 1998. SLSP deposits and loans in other banks were 32.069 billion Sk. Client deposits totaled 80% of the bank's liabilities. SLSP reported foreign exchange liabilities of over 16.6 billion Sk.

The bank's shareholders' equity was 6.06 billion Sk at the end of the first half of 1998, of which share capital was 2.074 billion Sk. The bank ended the first half of 1998 with a profit of 62.8 million Sk. It operates eight regional branches, 29 municipal branches and 603 affiliates.

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