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Media release

Extraordinary general meeting of VP Bank: all motions approved

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At the extraordinary general meeting of VP Bank in Vaduz, the motions put forward by the Board of Directors of VP Bank regarding an increase in capital and the merger with Centrum Bank were approved.

The 109 shareholders present at the extraordinary general meeting of VP Bank on 10 April 2015 approved all the proposals made by the Board of Directors. On the occasion of the acquisition of Centrum Bank by VP Bank, it has been agreed that the Marxer Foundation for Bank Values, as the former sole shareholder of Centrum Bank, will participate in VP Bank at a level equivalent to the purchase price of CHF 60 million. As the corresponding number of shares are not yet freely available on the market, and bearer shares from its own holdings are insufficient, the Board of Directors decided to carry out a corresponding increase in capital, excluding the subscription rights of existing shareholders. The general meeting approved an increase in share capital of CHF 7,006,530.00 and the issuance of 700,653 bearer shares with a par value of CHF 10.00 with dividend rights from the date of issue. Following the increase in capital, the resulting portfolio will contain 6,015,000 bearer shares, and the total share capital of the society will amount to CHF 66,154,167.00.

 

Legal merger approved

After the acquisition of shares in January 2015, the next step is for VP Bank and Centrum Bank to be legally unified through a merger. The basis for this is the merger plan of 3 March 2015. The general meeting approved the proposal of the Board of Directors and in this context also approved the merger plan. With the merger of the two banks under the name VP Bank AG, as of 30 April 2015, client relationships as well as employment contracts of Centrum Bank employees, inter alia, will be transferred to VP Bank.

Through the acquisition of Centrum Bank, VP Bank has gained a much stronger position in the Liechtenstein financial centre, and has also been able to strengthen its position abroad through complementary target markets and client segments. At the same time, significant synergies, particularly in market development and processing, can be exploited.