Ukrsotsbank's AGM Approves USD 60 Mlm Share Emission.

On March 24, 2006, the AGM of Ukrsotsbank, the forth-largest bank in terms of assets in Ukraine, approved the results of a USD 60 mln share capital increase. The fivefold increase will bring the bank’s share capital to USD 73.3 mln. Concorde Capital: Approval of the results of share issuance, complicated by minority legal claims, means the last obstacle for completion of Banca Intesa’s acquisition of an 88% stake in Ukrsotsbank has been overcome. In addition, to prevent further minority claims, Banca Intesa agreed to buy out minority stakes at the deal price: USD 0.356 per share. Although some court proceeding are still in progress, after the share issuance is approved with the Securities and Exchange Commission and the National Bank, Ukrsotsbank’s sale to Banca Intesa will be in the books.