Amsterdam Trade Bank (the “Bank” or “ATB”) is aware of reports in the Spanish media mentioning the Bank in connection with the judicial investigation into the bankruptcy of the Spanish concern, ZED.
In response to these reports the Bank wishes to make it clear that, as a fully regulated financial institution operating in The Netherlands, ATB conducts its affairs in accordance with the law, and with commonly accepted standards of corporate governance. All decisions related to the day to day running of the Bank are made by the Management of the Bank and taken in the best interests of the Bank and its clients.
We would therefore also wish to stress that as minority participant in the lending syndicate to ZED all decisions relating to the loan were taken by the Management of the Bank, and in conjunction with other members of the syndicate. As a minority participant in the ZED loan facility, throughout its relationship with ZED, ATB lacked the ability to make unilateral decisions regarding the loan or to influence the majority decisions. There was no involvement of our direct or indirect shareholders in this decision making process. To date, the Bank has not been contacted by the Spanish authorities in connection with this matter.
We will not make any further public comment on this case at this time.