Last Updated November 04, 2009
The European Bank for Reconstruction and Development (EBRD) is set to increase its stake in Russia’s Transcapitalbank up to 28.6%. It has signed an agreement to subscribe to a new issue of ordinary shares by the end of 2009 aimed at boosting Tier-1 capital.
This transaction is enabling this bank to raise over Rb1.2bn (US$43mn-equivalent) from existing shareholders, helping strengthen its capital base.
Transcapitalbank focuses on medium-sized corporates, as well as micro and small businesses, across the regions of Russia.
The EBRD originally acquired a stake of 25% plus one share in Transcapitalbank at the end of 2006 and then participated pro-rata in a capital increase in September last year.
Reader Comments