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10:10
ARTEM-BANK TO BOOST STATUTORY CAPITAL BY 25%

Kyiv, July 31 (Interfax-Ukraine) – Artem-Bank (Kyiv) is intending to boost statutory capital by 25%, to UAH 86 million through an additional issue of shares, according to the bank.

The matter will be addressed by the bank's shareholders at a general meeting scheduled for September 14.

The bank plans to perform an additional issue and closed placement of common registered shares with a face value of UAH 10 each from October 29 until November 20, 2009.

In addition, the bank's shareholders will view the issue of the bank's reorganization from an open joint-stock company into a public joint-stock company.

Artem-Bank was founded in 2002. Its major shareholder as of April 1, 2009, was Paradyhma Ltd. (94.913%).

According to the National Bank of Ukraine, as of April 1, 2009, the bank ranked 111th in terms of overall assets, estimated at UAH 562 million, of the 182 banks operating in Ukraine.

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