VP Securities Services (VP) chairman Sven Lystbk lauded the current consolidation between central securities depositories (CSDs) in the Nordic countries when addressing shareholders at the company’s annual meeting.
“For years, VP has discussed consolidation among CSDs. The recent Letter of Intent concerning a merger between the Swedish and Finnish CSDs is the first step towards a Nordic integration of CSDs, which we welcome,” said Lystbk.
“In my opinion, such a joint infrastructure creates a solid foundation for a competitive and efficient securities market. VP wishes to support the strengthening of the Nordic securities market in the international competition and looks forward to continuing the dialogue with our Nordic counterparts,” Lystbk pointed out.
Lystbk’s comments should not come as any surprise because VP itself recently merged with the Finnish CSD.
The company announced at the annual meeting that VP garnered pre-tax income in 2003 of DKK 73.9 million, up strongly from the DKK 46.2 million earned in 2002; and a net result of DKK 48.9 million versus DKK 32.8 million the year before. The directors also agreed to a dividend of DKK 2,000 per share.
VP also said it expects a higher net turnover in 2004 than in 2003.
The board also re-elected as members Preben Lykkegaard Andersen; Christian Clausen; Jrgen A. Engel; Ivan Hansen; Peter Engberg Jensen; Bjarne Graven Larsen; Sven E. Lystbk; Torben Nielsen; and Sven A. Blomberg. Bent Andersen will replace Niels Trslev, who did not stand for re-election.
In addition to this, the Board announced the following employee representatives: Merete Fussing; Anne-Lise Hansen; Gitte Ina Nielsen; Torben Kok Nielsen; and Jrgen Nymann Weje.
Finally, the Board re-elected Sven Lystbk as Chairman and Torben Nielsen as Vice-chairman.