Commerzbank consolidates ~90% of Bank Forum

Bank Forum (UX: FORM UK) announced yesterday that Commerzbank consolidated an 89.3% stake in the bank, after acquiring the 26.5% stake held by Ukrainian businessman Leonid Yurushev. Further details of the transaction were not disclosed. Later in the day, at the company’s EGM, shareholders approved a UAH 2.4 bln (2.1x) charter fund increase via additional share issue.  The equity injection failed to pass at three straight EGMs, reportedly over disagreements between Commerzbank and Yurushev. The increase will finally put Forum in line with the National Bank of Ukraine’s requirement following stress tests to increase its regulatory capital by at least 23%. Bank Forum was Ukraine’s #13 largest bank by assets, as of January 1, according to the National Bank of Ukraine.