Ukrgazbank to bring free float to 10-20% in 2010

Ukrgazbank plans to increase its free float to 10-20% stake by the end of 2010, Bank Chairman Alexander Morozov said at a press conference yesterday, Interfax reported. The government plans to place the shares in order to test the market ahead of a larger privatization. Ukrgazbank doubled its charter fund in January to UAH 5.7 mln. The government took over an 84.21% stake in the lender in 2009 in return for recapitalization support. As of January 1, 2010, Ukrgazbank was Ukraine’s #19 largest bank by assets.