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Raiffeisen Bank Aval EGM authorizes 24% charter fund increase

Raiffeisen Bank Aval EGM authorizes 24% charter fund increase

15 October 2009

Raiffeisen Bank Aval (BAVL) shareholders, at an EGM yesterday, approved going ahead with increasing the bank’s charter fund by 24% to UAH 3.00 bln via an additional share issue. Subscription will run in two stages from November 24, 2009 to January 23, 2010. The subscription price was set at UAH 0.16 per share. Mykyta Mykhaylychenko: This charter fund increase should bring the bank’s book equity to assets ratio from 11.3% at the end of 1H09 to 13.0%, compared to the average of 11.7% for the largest banks in Ukraine (excluding state-owned Oshchadbank and Ukreximbank). In addition, Raiffeisen Bank Aval expects to get subordinated debt from the European Bank for Reconstruction and Development in the amount of USD 75 mln by the end of 2009, which should boost Aval’s regulatory capital by UAH 1.5 bln in total.

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