OREANDA-NEWS. The general shareholders' meeting of the Open Joint-Stock Company "Raiffeisen Bank Aval", held in Poltava on the October 5, 2007, approved the results of a closed subscription for ordinary registered shares of Raiffeisen Bank Aval of the 23rd issue at the total nominal value of UAH 179, 999, 932.60 and the report on the results of this subscription, the press-service of the bank reported.

The funds, gained from the subscription, will be directed at enhancing the capital base of Raiffeisen Bank Aval. The charter capital will increase by UAH 179,999,932.60 and the supplementary capital - by UAH 1,349,999,494.50. Therefore, the bank's Tier 1 capital will be increased by UAH 1,529,999,427.1.

After the registration of the 23rd issue of shares of Raiffeisen Bank Aval at the State Securities and Exchange Commission and the National Bank of Ukraine in accordance with the current legislation of Ukraine, the charter capital of the bank will amount to UAH 2,279,934,908. Besides, the general shareholders' meeting made some changes to the Charter of Raiffeisen Bank Aval caused by the increase in the charter capital.

The shareholders of the bank also changed the membership of the Auditing Committee of Raiffeisen Bank Aval. Specifically, the former head of the board of the CJSC "Ukrainian Processing Center" Volodymyr Sharayevskyi was removed from the committee. Olena Cheremesyuk, chief accountant of the CJSC "Ukrainian Processing Center", was elected as a member of the Auditing Committee.

Raiffeisen Bank Aval, founded in March 1992 as Bank Aval, is the second largest bank in Ukraine in terms of assets. Headquartered in Kyiv, Raiffeisen Bank Aval reported total assets of UAH 35.1 billion as of 30 June, 2007. It is a subsidiary of Raiffeisen International Bank-Holding AG, the holding company of the subsidiaries of Raiffeisen Zentralbank Хsterreich AG (RZB) in Central and Eastern Europe.