Bank Forum In Talks Concerning Possible Sale, Plots Course For 2007

Yaroslav Kolesnik, Chairman of the Board at Bank Forum (FORM: BUY) announced yesterday that the bank was continuing talks with several potential investors concerning the sale of a controlling stake of more than 51% in the bank. In discussing the bank’s plans for 2007, Kolesnik said the bank plans to attract around USD 300 mln in syndicated credit in 2007. According to Kolesnik in 1H07 the bank will attract a USD 130-150 mln syndicated loan and another in the second half of the year. Additionally the bank plans to open a representative office in Kazakhstan in 1Q07.  FORM decided to increase its statutory fund by 80.5% on December 22, to USD 221 mln through an additional share issue. The bank plans to go ahead with the share issue at its EGM February 8.