CREDIT BANK OF MOSCOW increased its shareholders’ equity up to RUB 9.5bn
June 25, 2009 – CBR registered CBM's capital increase for the amount of RUB 3bn (USD 97mio), which brought the Bank’s authorized capital up by more than 90 per cent up to RUB 6.3bn (USD 203mio). The Bank’s shareholders’ equity now exceeds RUB 9.5bn (USD 306mio).
Decision on the authorized capital increase was taken by the Bank’s sole shareholder in February 2009 and was translated into action at the expense of the shareholder’s funds by way of the eighth additional issue of ordinary nominal uncertified shares of the Bank. The number of shares issued is 3bn. with nominal value of 1 ruble.
“Authorized capital increase is a successive step in business development strategy of CREDIT BANK OF MOSCOW, within the bounds of which a balanced policy of raising own and borrowed funds is followed, - comments Alexander Nikolashin, Chairman of the Board of CBM, - authorized capital increase will enable us to improve the Bank’s financial strength, will facilitate successful implementation of the shaped plans and will allow us to firmly establish CBM’s position in the Russian banking market.”