Printer Friendly

Rosbank shareholders greenlight USD1.6bn capital injection.

BANKING AND CREDIT NEWS-20 July 2010-Rosbank shareholders greenlight USD1.6bn capital injection(C)1994-2010 M2 COMMUNICATIONS http://www.m2.com

20 July 2010 - The shareholders of Russian Rosbank (MCX:ROSB) cleared at an extraordinary general meeting the infusion of some RUB50bn (USD1.64bn/EUR1.27bn) in fresh funds into the bank's capital, it said today.

In particular, the lender will sell in a private offering 497,368,958 common shares to Societe Generale (EPA:GLE) and ICFI (Cyprus) Ltd at a price of RUB100.27 apiece.

The French bank, which has a 64.68% in Rosbank, is seen to purchase up to 406,522,220 additional shares, spending RUB40.762bn.

ICFI (Cyprus), in turn, is expected to acquire 73,909,211 shares in return for property in a deal worth RUB7.411bn.

The beneficiary, controlled by Russian businessman Vladimir Potanin, is also anticipated to buy 16,937,527 shares, paying up to RUB1.698bn.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2010 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Banking & Credit News (BCN)
Date:Jul 20, 2010
Words:165
Previous Article:Al Ahli Bank of Kuwait boosts net profit in H1 2010.
Next Article:Qatar's Ahli Bank net profit on the rise in H1 2010.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters