On 30 March, Mediterranean Bank plc announced that following shareholder approval to amendments to the Company’s Memorandum & Articles of Association during a general meeting held on 28 March 2012, the Bank changed its accounting year-end to 31 March. As such, Mediterranean Bank’s financial statements will cover the 15-month period starting from 1 January 2011 to 31 March 2012. Subsequently, the Bank’s financial years will cover a 12-month period from 1 April to 31 March.
The 2012 financial statements referred to above are expected to be published on Thursday 26 April following approval by the Board of Directors and Annual General Meeting.
The announcement also made reference to the Bank’s participation in the Greek Private Sector Involvement (PSI) exchange which resulted in certain provisions. Mediterranean Bank revealed that after taking into account such provisions and the mitigating actions to hedge the Greek exposure, the Bank is anticipating a small profit for the 15 months ending 31 March 2012 in contrast to the €15.1 million net profit registered in 2010.