OREANDA-NEWS. On September 05, 2008 General meeting of PRAVEX-BANK (Intesa Sanpaolo Group) stockholders took place during which it was decided to increase Bank’s authorized capital by UAH 500 million against supplementary contributions by way of closed (private) placement of nominal shares additional issue of UAH 1 par value each, reported the press-centre of PRAVEX-BANK.

Thus, after completion of all necessary procedures, Bank’s authorized capital will amount to UAH 991,499,139. In Euro the capital increase will be about 71 mln. and the total value of capital of Pravex-Bank will consist of about 141 mln.

“Increase in authorized capital will allow PRAVEX-BANK to enlarge further active transactions portfolio as bank capitalization is the basis of sustainable development and stability”, — comments Natalia Zubrytska, Chairwoman of the Board.

Moreover, it was decided at the general meeting of PRAVEX-BANK stockholders to appoint an Italian citizen Silvio Pedrazzi as Chairman of the Supervisory Board who will assume office from September 28, 2008. At present time, Silvio Pedrazzi holds the position of Senior Vice-Chairman of Executive Board, General Director of Intesa Sanpaolo S.P.A., Belgrade.

It was also decided at the stockholders meeting that Stepan Leonidovych Chernovetskyy should resign from the chairmanship of the Supervisory Board. The decision will come into force on September 27, 2008.