Events after the Reporting Date
Equity Holdings
Effective 31 January 2011 Stiefelkönig Schuhhandels Gesellschaft m.b.H. sold its 19 Geox shops, which were run based on a franchise contract, to a wholly-owned Austrian subsidiary of the Italian shoe manufacturer GEOX S.p.A. in the course of an asset deal. Simultaneously, the framework franchise contract between Stiefelkönig and GEOX was terminated.Stiefelkönig Schuhhandels Gesellschaft m.b.H. and Schuhquadrat GmbH & Co KG, a company owned by Salamander Austria, agreed on the sale of the distribution line Delka, which runs 35 shops. The asset purchase agreement was signed on 15 February 2011.
Exposure to Libya
The Bank has a relatively minor exposure to Libya and the other Middle Eastern countries recently affected by internal unrest. In total, the Bank has some EUR 28 million in exposure mostly against collateral outside the region to six individual clients that are either based in Libya or that transact a material part of their business with Libya. We are in close contact with these clients to assist them wherever possible.