Finance & Credit Bank Reorganizes into Open Joint Stock Company

Finance & Credit Bank announced that it has completed its reorganization from a limited liability corporation into an open joint stock company. Stakeholders in the bank proportionately exchanged their stakes for shares with a nominal value of UAH 0.5 per share (total share capital of USD 100 mln). The decision was approved at Finance & Credit Bank’s AGM in December 2006. The bank also announced plans to increase its share capital to USD 251 mln. The issue is on the agenda of the company’s next AGM, which is scheduled for August 21. Finance & Credit Bank is Ukraine’s 10th largest bank by assets and is a part of the Finance & Credit group controlled by Ukrainian businessman Konstantin Zhevago.