Ukrgazbank to ask state for recapitalization help

Ukrgazbank (UGZB) shareholders will consider asking the state for help with recapitalization at their AGM on March 13. The Cabinet of Ministers passed a resolution on Feb. 18, which was published this week, that required banks to transfer a stake of no less than 50%+1 to the NBU in return for recapitalization support. The National Bank of Ukraine has already installed a temporary administrator at Ukrgazbank. As of Jan. 1, 2009, Ukrgazbank was the #17th largest bank in Ukraine by assets.