At yesterday''s general meeting of Ukrainian VAT Raiffeisen Bank Aval, asubsidiary of Raiffeisen International Bank-Holding AG, the shareholdersapproved an increase of the bank''s paid-in capital by 1.5 billionhryvnias (corresponding to approximately 220 million euros). For thispurpose, the bank will issue 1.8 billion ordinary shares in July. Thisis the second capital increase within the past twelve months after theraise of almost 100 million euros in July 2006.
"We once again underpin our growth strategy in Ukraine with this capitalincrease and confirm our claim as leading western banking group in theCIS", said Herbert Stepic, CEO of Raiffeisen International. The majorpart of the funds will be used for increased lending to households andcorporate clients, while the rest will support the modernization of thebank''s branch network.
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VAT Raiffeisen Bank Aval was founded in 1992. At year-end 2006, itsbalance-sheet total amounted to 4.3 billion euros (up 27 per cent),making it the country''s second-largest bank. It operated more than 1,300business outlets with almost 17,400 employees at the balance-sheet date.
Raiffeisen International operates one of the leading banking networks inCEE. 18 markets are covered by subsidiary banks, finance leasingcompanies and two representative offices. Over 12 million customers areattended to through more than 2,850 business outlets. RaiffeisenInternational is a fully consolidated subsidiary of RaiffeisenZentralbank Osterreich AG (RZB), which owns 70 per cent of the commonstock. The remaining 30 per cent is free float, the shares are traded onthe Vienna Stock Exchange. RZB is a leading corporate and investmentbank in Austria and the central institution of the Austrian RaiffeisenBanking Group, the country''s largest banking group.
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