June 13, 2011- BLOM Bank’s General Assembly decided to redeem and cancel all 2004 and 2005 Series Preferred Shares during a General Assembly convened early May. The decision was approved lately by the Central Bank.

The exceptional General Assembly decided to buy back 7.5 million preferred shares class 2004 and 10 million preferred shares class 2005 at the initial price at which they were offered.

BLOM Bank had earlier announced it will launch a new series 2011 Non-Cumulative Perpetual Redeemable Preferred Shares equivalent to $175 million. It said the 2011 series will contribute to both strengthening the Bank’s capital structure and the growth of its operations. The new series will distribute every year an amount equivalent to seven percent per annum if there were profits recorded in the prior financial year, the bank said.