F&C Bank shareholders OK 20% charter fund increase

At an AGM yesterday, Finance & Credit Bank shareholders approved going ahead with a 20% charter fund increase to UAH 2.4 bln via an additional share issue, according to Interfax. Finance & Credit Bank was Ukraine’s #14 largest bank by assets as of July 1, according to National Bank of Ukraine statistics.Mykyta Mykhaylychenko: The news is largely priced in, at the same time this decision does not guarantee that the charter fund increase will actually happen as Finance & Credit’s owners currently have some liquidity problems. Furthermore, in September 2008 at an AGM, F&C shareholders approved increasing the bank’s charter fund from UAH 2 bln to UAH 2.725 bln, but this never took place.