Home
/
News
/

Bank Forum charter fund increase stumbles again

Bank Forum charter fund increase stumbles again

29 October 2009

Bank Forum (FORM) shareholders failed to finalize the decision to increase the bank’s charter fund by UAH 1.1 bln (or +49%), as approved at an August EGM. The increase would bring the bank’s charter fund in line with NBU requirements specified following stress-tests of Ukraine’s largest banks at the beginning of 2009. Mykyta Mykhaylychenko: The decision failed to pass as main shareholders Commerzbank AG (~63%) and Ukrainian businessman Leonid Yurushev (~26%) have still not reached an agreement on the conditions of the deal. Yurushev can block the decision as 75% of votes are required to approve the charter fund increase. Apparently, Yurushev is not willing/able to invest in Forum and, we believe, might be in negotiations with Commerzbank to sell his stake in the bank. Two more Forum EGMs are scheduled for November 18 and December 17, and we anticipate the charter fund increase might be approved by yearend.

Latest News

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...