OREANDA-NEWS  On 24 September was announced, that general shareholders’ meeting of the Open Joint Stock Company Raiffeisen Bank Aval (RfBA), held on the 19th of September, 2008 in Uman, Cherkassy region, approved the results of a closed subscription for ordinary registered shares of the OJSC Raiffeisen Bank Aval of the 24th issue at the total nominal value of UAH 140 million.

According to Lyubov VOROBYOVA, head of the bank’s executive secretary, shares of the OJSC Raiffeisen Bank Aval of the 24th issue were placed in two stages: the first stage lasted from 1 July till 31 July 2008, the second one — from

1 August till 29 August 2008. The selling price was UAH 1.0 per share.

The funds, gained from the subscription for shares of the 24th issue, will be directed at the formation of the capital base of Raiffeisen Bank Aval OJSC, including the bank’s charter capital amounted to UAH 140 million and the supplementary capital in the size of UAH 1,260 million.

At the meeting, the bank’s shareholders also approved some changes to the Charter of the OJSC Raiffeisen Bank Aval caused by the increase in the charter capital.

Thus, after the registration in the National Bank of Ukraine of the changes in the Charter of the OJSC Raiffeisen Bank Aval, resulted from the increase in the charter capital, and the registration of the 24th issue of shares of Raiffeisen Bank Aval at the State Securities and Exchange Commission, the charter capital of the bank will amount to UAH 2, 419, 934, 908.

The Open Joint Stock Company Raiffeisen Bank Aval, founded in March 1992, is one of the largest Ukrainian banks, which takes leading positions at Ukraine’s banking market in terms of a number of core results. As at 1 July 2008, the bank’s own capital was about UAH 5.5 billion, the net assets amounted to almost UAH 48.7 billion, the loan and investment portfolio reached more than UAH 41.8 billion. Raiffeisen Bank Aval’s network as at the beginning of July 2008 comprised 1,138 branches throughout Ukraine.

Raiffeisen Bank Aval is a subsidiary bank of Raiffeisen International Bank-Holding AG. Raiffeisen International operates one of the largest banking networks in CEE. 17 markets in Europe's growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. Over 14 million customers are serviced in more than 3,000 business outlets.