Additional issue of shares of CREDIT BANK OF MOSCOW in favour of EBRD and IFC completed
On 24 August 2012 the Bank of Russia registered CREDIT BANK OF MOSCOW’s additional share issue closing report.
The additionally issued 1.9 bln ordinary shares of 1 rouble par value each were allotted by closed subscription to, and equally between, the European Bank for Reconstruction and Development (EBRD) and International Financial Corporation (IFC) for RUB 5.8bln in total.
Thus, CREDIT BANK OF MOSCOW’s charter capital increased by 17.6% reaching RUB 12.7 bln. The relevant agreements between EBRD, IFC, the Bank and its shareholder were signed in July 2012.
As previously announced, the parties to the transaction expect a number of benefits from the investment. In particular, it is expected to promote the growth of the Bank’s business volume, expansion of its geographical presence, development of relationships with partners, investors and customers, improvement of the corporate governance system, and to provide substantial support for the Bank’s IPO in future.
As a result of the additional share issue, each of EBRD and IFC acquired 7.5% of the total number of the Bank's outstanding voting shares. The stake of the major shareholder, ROSSIUM Concern, was reduced from 100% to 85%.