ln February 1985 Proventus purchased its first holding in Götabanken. The holding included 11 percent of the shares and of the voting power. During the year, Proventus/Herakles has gradually acquired more shares in Götabanken. At the close of 1985 the holding amounted to almost 43 percent.

The trend for Götabanken was very positive for 1985. The bank’s new management had started a new process of change that was so successful that Götabanken was in 1985 the most profitable bank in Sweden. The group‘s earnings increased by 53 percent to 10 572 m. EK. The Götabanken group‘s total bank assets increased by 6,085 m. SEK to 45,422 m. SEK.

The extreme increase in profit levels can partly be explained by the previous year’s having been debited with very large extra costs for restructuring and for marketing activities. Götabanken‘s forecast for 1986 continues to be positive. The bank’s management believed that further improvements could be expected in the results. Proventus/Herakles’ investment in Götabanken shares amounted at the close of 1985 to 600 m. SEK (book value 740 m. SEK). The market value at the start of April 1986 was almost 1.1 billion SEK. Proventus/Herakles’ president Gabriel Urwitz became a member of the board of Götabanken from 1985. Since the annual general meeting in 1986, the Chairman of Proventus/Herakles, Robert Weil, was also a deputy member of the bank‘s board.