On November 17, an extraordinary general meeting of shareholders of JSC "Credit Bank (Ukraine)" was held, at which the shareholders approved the change of the bank's name to "Open Joint-Stock Company "Kredobank," – Oleksiy Khmil, press secretary of JSC "Credit Bank (Ukraine)," told the Western Information Corporation.
At the extraordinary meeting, three issues were considered. Approval of the new name and trademark of the bank, approval of the new edition of the bank's Charter in connection with the change of the bank's name and trademark, and approval of the procedure for paying dividends to the bank's shareholders for the period 2005-2008.
The issue of changing the name of Credit Bank (Ukraine) arose due to the change of the bank's strategic investor. On August 26, 2004, in Warsaw, the sale of shares (66.65%) of JSC "Credit Bank (Ukraine)" owned by the Polish bank Kredyt Bank SA took place in favor of PKO Bank Polski SA. The terms of the share purchase and sale agreement stipulated that PKO BP SA would take all necessary actions so that from December 26, 2005, Credit Bank (Ukraine) would cease using the old name and trademark, since they correspond to the name and trademark of the previous investor.
Accordingly, Credit Bank (Ukraine) developed a draft of a new name that would correspond to all the bank's strategic plans, as well as a draft of a new trademark, executed in a proprietary font in corporate colors (orange and blue) and, according to the conclusions of specialized marketing organizations, graphically symbolizes stability, consistent development, reliability, confidence and prospects.
"The change of the bank's name is not merely a change of color or name as such. It is a change of our bank as a whole, it is a new stage in the bank's development," noted Stepan Kubiv, chairman of the board of Credit Bank (Ukraine). "The new name – 'Kredobank' – will affirm our credo – stability, universality and reliability. Our credo will be the creation of one of the most reliable and most efficient banks in Ukraine. When we closely approach this stage, it is worth openly declaring this goal of ours in the bank's name as well. Also, the new name is close in verbal association to the old one. And this is convenient for our clients and depositors."
On the third issue, the shareholders' meeting resolved to introduce a moratorium on the payment of dividends and the distribution of the bank's profit for the period 2005–2008 in accordance with the approved strategy of the bank's dynamic development. The decision takes effect from the time of distribution of the bank's profit for the 2005 financial year and is valid until 2008 inclusive.