OREANDA-NEWS. On April 23, 2007 shareholders of Raiffeisen Bank Aval approved the report of the Bank’s Management Board on results of the Bank’s performance in 2006, along with the Annual report and the Balance sheet of the Bank for 2006, reported the press-centre of  Raiffeisen Bank Aval. According to V. LAVRENCHUK, the respective decision was approved on the 23rd of April, 2007 at the General shareholders meeting of Raiffeisen Bank Aval, held in Bila Tserkva (Kyiv oblast). The shareholders also defined the main directions of Raiffeisen Bank Aval’s 2007 activities and approved the decision to distribute the Bank’s 2006 net profit to payment of dividends as well as towards Bank’s capital increase. Dividends will be calculated and distributed to holders of both ordinary and privileged shares of Raiffeisen Bank Aval. During the meeting, the shareholders approved the Reports and the conclusions of the bank’s Audit (Revision) Commission as well as of the External Auditor on the financial and economic activity of Raiffeisen Bank Aval in 2006.


The shareholders of the Bank also approved an increase of the Bank’s paid-in capital by UAH 180 million via shareholders’ additional contributions during the additional 23rd issue of the Bank’s ordinary registered shares. According to the agreed terms of the 23rd issue of shares, the Bank will issue 1,8 billion of ordinary registered shares at the nominal value of UAH 180 million. At that, according to the decision of shareholders and based on an average-weighted market value of the Bank’s shares for the last three months, the sale price of the Bank’s shares issued during the 23rd issue at the primary market will be UAH 0,85 per share. This will allow the Bank to increase its regulatory capital by UAH 1,5 billion.
The shares will be issued in a documentary form in two phases during July 3rd-August 31st, 2007.


"The increase of our capital will open to us additional opportunities for further strengthening of the Bank’s financial performance and ensuring its future sound development. A major part of the funds that will be mobilized from the shareholders will be placed in loans to households and corporate clients, while the rest of the funds will support Bank’s development and modernization of its branch network", Volodymyr LAVRENCHUK noted.


Raiffeisen Bank Aval, founded in March 1992 as Bank Aval, is the second largest bank in Ukraine and occupies the leading positions on the banking market of Ukraine by a number of core financial indicators Headquartered in Kiev (Ukraine), Raiffeisen Bank Aval reported total assets of UAH 27,8 billion as in the year-end 2006. Raiffeisen Bank Aval is a subsidiary bank of Raiffeisen International, the holding company of subsidiaries of Raiffeisen Zentralbank;sterreich AG (RZB) in Central and Eastern Europe. The country-wide branch network of Raiffeisen Bank Aval comprises more than 1,300 business outlets, located in large cities, oblast and rayon centers, towns of oblast subordination and individual villages in all regions of Ukraine. A major part of them are full-function branches, which provide private and corporate clients with a full range of standard and advanced banking services.