Finnish Export Credit Ltd reorganised as a subsidiary of Finnvera plc

In accordance with the proposal made by the Board of Directors of Finnvera plc, the extraordinary meeting of Finnvera’s shareholders decided on 5 May 2004 to raise the company’s share capital by EUR 8,415,000. After this increase, the share capital stands at EUR 196,605,000.

The rise in share capital was implemented so that the State of Finland subscribed all the 495 new shares. The State paid the subscription price by relinquishing the entire stock of Finnish Export Credit Ltd, comprising 220 shares, to Finnvera plc. After these arrangements, Finnish Export Credit Ltd became a subsidiary fully owned by Finnvera plc.

On 4 May 2004, the Annual General Meeting of Finnish Export Credit Ltd elected the following persons as regular members to the Board of Directors: Topi Vesteri, Director, Major Customers and Export Credit Guarantees; Marja Karimeri, Director, Legal Affairs; and Esko Elo, Director, Development, all from Finnvera; Ilpo Nuutinen, Senior Governmental Secretary from the Ministry of Finance; and Jyrki Wirtavuori, Director from Fide Ltd.

For further information:

Markku Mäkinen, Managing Director, Finnvera plc, tel. +358 20 460 7321
Matti Virtanen, Managing Director, Finnish Export Credit Ltd, tel. +358 9 6185 7400
Juhani Sutinen, Deputy Director, Finnvera plc, tel. +358 20 460 3343

Finnish Export Credit Ltd offers financing for exports by granting credits on OECD terms, short-term credits, and lines of credit. Internet: www.fec.fi