Rodovid Bank to offer government a majority stake

Rodovid Bank (RODB) shareholders voted at their EGM yesterday to offer at least a 50%+1 stake to the Ukrainian government in return for a capital injection. Shareholders voted to cancel their January AGM resolution to increase the bank’s charter fund by 2.6x to UAH 1.14 bln if the Cabinet of Ministers approves of recapitalizing the bank. Rodovid is the first Ukrainian bank to ask for a state takeover. According to Rodovid Bank, if the government buys in, it would not disrupt its agreement with ISTIL; it was reported on Jan. 12 that ISTIL was planning to purchase a 39% stake in Rodovid Bank for USD 100 mln.