Regulatory Alerts2012-05-10
Amending some provisions of the decision regarding the maximum limits of the bank’s investments with a single client, the client and parties associated with him
Dear Sir / Chairman, I would like to refer to Board of Directors resolution number (305) dated February 7th, 2006 concerning the maximum staffing limits for individual clients and related parties. I have the honor to inform that the Board of Directors of EFG-Hermes Investment Bank decided by its meeting on August 4th, 2009 as follows: 1) Cancel item number five of resolution number (305) dated February 7th, 2006 specifically dealing with the maximum staffing limits for individual clients and related parties. 2) Continue to implement the remaining provisions of the said resolution on all credit rating categories (1,2). 3) Give the banks an extension period ending on December 31st, 2009. I kindly request all concerned to pay attention to the complete compliance with the above-mentioned resolution effective from the date of this letter. With high regards.