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A/S Latvijas Unibank (LVUD)

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Thursday 22 March, 2001

A/S Latvijas Unibank

Result of Meeting

A/S Latvijas Unibanka
22 March 2001

March 21, 2001
Unibanka's shareholders approve the plans for the bank retaining its leading
position in the Latvian market in 2001


The annual shareholder meeting of a/s Latvijas Unibanka today on March 21
approved the annual report for the year 2000 with the  profit  of  Ls  10.365
million and discharged from the liabilities for the year 2000 the members of the
Board  Andris Berzins, Viesturs Neimanis, Juris Jakobsons,  Rikard Josefson,
Pontus Sardal, Kazimirs Slakota and Maris Treimanis. Andris Berzins, president
of Unibanka looked back at 2000 as the year of great success for the bank.

The shareholders approved the budget and action plan for 2001, envisaging that
this year the bank will continue to have the highest ROE among the leading banks
of Latvia, and will be the major provider of financial services across all the
important market segments.  In line with the bank's strategic plan, the
customers' needs for banking services will be duly satisfied.

The bank's priority is the development of various services distribution channels
the Internet, PCs, ATMs and telephone banking. Unibanka will pursue the strategy
of a universal  bank,  offering a broad range of financial services for all
customer segments via different delivery channels. According to the approved
action plan this year the bank is planning to increase its assets by 25-27 per
cent, and strengthen its market position in loans and deposits. The share of the
credit portfolio in the bank's asset structure is expected to reach 65-70 per
cent.  This  year the bank is planning the increase in customer deposits within
the range of 39-41 per cent, and acquires the deposit market segment of 15 per
cent.

The approved action plan envisages that the  bank's income from financial
operations will increase by 18-20 per cent, and the major portion of all income
will be constituted by interest income, expected to reach the level of 30-33 per
cent.  On the other hand, most fee-based income is expected to come from
traditional banking services servicing of accounts, money transfers and cash
transactions. The increase in fee-based income will be derived from servicing of
payment cards and the rapid development of the ATM network.

The bank's operating expenses this year will increase by 15-17 per cent on
account of the expansion of business and large investments in IT systems,
customer servicing technologies, also the development of POS and ATM network, In
compliance with its strategy, the bank will retain high operation efficiency and
ensure the ROE of 20 per cent.

The shareholders took a decision on the issue and public circulation of bonds in
amount of 25 million lats, which will provide more possibilities for the bank to
operate in the domestic treasury market.

The shareholders elected vice president of retail banking Ainars Ozols member of
the Board, to replace the former member Rikard Josefson. Ainars Ozols has been
with the bank for eight years in different capacities.
 
The shareholders also appointed PriceWaterhouseCoopers and Deloitte&Touche
as the bank's auditors, to perform the audit of six-month results and the annual
financial report for the year 2001. The companies have been elected on condition
that only one accounting firm will make the audit with the preference given to  
PriceWaterhouseCoopers as long as it complies with effective law and
regulations.


                                                                                
     

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