METCOMBANK’s authorized capital doubles, Chairman says

31 October 2008 (09:46)

‘The Central Bank of Russia has officially confirmed our bank’s additional share issue, which means our earlier stock is now seen as paid for and retired. METCOMBANK’s authorized capital has thus doubled from one to two billion RUR, while its total capital comes to about three billion,’ METCOMBANK’s BOD Chairman Rustam Mamatov said to an UrBC reporter.

‘This increase in the authorized capital is by no means an emergency measure; rather, it is a part of our development strategy adopted as early as last year. The extra share issue was registered quite a long time ago, and we can now see its successful completion. We last went through with another issue about a year ago, which helped us get about 749 million RUR in the form of investments.

This year’s issue has been fully acquired by the bank’s current shareholders, just the way the earlier issue was. And this isn’t the last time we tried attracting investment; in fact, we are planning on getting a 500-million-ruble subordinated loan at the end of the year,’ Mamatov explained.

‘As for the ways the money is to be spent, everything will be directed to the implementation of the bank’s long-term development strategy adopted last year,’ he added.

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