Bank Kyiv nationalization details announced

In order to facilitate nationalization, Bank Kyiv is planning to increase its charter fund by UAH 3.565 bln to UAH 3.567 bln. The lender will issue 356 bln shares at par value of UAH 0.01 each. Subscription will be closed and run from July 2 to August 8, 2009. During the share issue, the state will take a 99.9% stake in the bank. Bank Kyiv is set to become the second of the initial wave of banks to be nationalized by the government; Ukrgazbank’s (UGZB) additional share issue finishes on June 26, and Rodovid Bank (RODB) is also among this first group.