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Bank Forum To Increase Statutory Fund By 80%

Bank Forum To Increase Statutory Fund By 80%

6 November 2008

Bank Forum (FORM: BUY) has announced plans to increase its charter fund by 100 mln to USD 221 mln through an additional share issue. FORM will issue 50 mln shares with a par value of USD 2. The emission will be on the agenda of FORM’s EGM scheduled for Dec. 22. Alexander Viktorov: Forum’s charter fund increase is USD 40 mln more than we expected. The strengthening of the bank’s capital adequacy position through this share capital increase suggests FORM is gearing up for another year of break-neck lending growth, and is likely to exceed our forecasts (46% for asset growth and 52% for loan expansion). The deterioration of the bank’s Loan to Deposit ratio from 1.03 to 1.24 during 9M06 has left it in need of further resources to fund loan expansion (+73% ytd) and is another reason for FORM’s higher than expected share capital increase.

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