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12:35
VOLKSBANK BOOSTS STATUTORY CAPITAL BY 38.5%

Kyiv, August 5 (Interfax-Ukraine) – The shareholders of OJSC Volksbank (Lviv) at a general meeting on August 3 decided to increase the bank's statutory capital by 38.5%, to UAH 360 million through an additional issue of shares, the bank has reported.

"A meeting was held. A decision to increase the bank statutory capital was approved," a bank representative told Interfax-Ukraine.

As reported, the bank planned to perform a closed placement of additionally issued shares from October 30 until November 20, 2009.

The bank representative also said the bank's shareholders approved the bank's reorganization from an open joint-stock company as a public joint-stock company under new requirements of Ukrainian legislation.

In addition, the stockholders decided to increase the number of the bank supervisory council members to five persons: Engelbert Bramerdorfer was included in the supervisory council.

Volksbank (formerly Electron Bank) was established in 1991. Its major shareholder as of April 1, 2009, was Volksbank International AG (Austria, 99.8927%).

According to the National Bank of Ukraine, as of April 1, 2009, in terms of overall assets (UAH 2.929 billion) the bank ranked 49th among the 182 banks operating in Ukraine.

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