OREANDA-NEWS. On 07 May 2009 was announced, that shareholders of Open Joint Stock Company Raiffeisen Bank Aval approved the bank’s capitalization programme at the general shareholders’ meeting held today in Bila Tserkva (Kyiv region).

According to this programme, additional funds to the bank’s capital are to be mobilized from the ultimate parent company Raiffeisen Zentralbank Österreich AG (RZB), which holds 96.18% via its stock listed subsidiary Raiffeisen International Bank-Holding AG, as well as from the undistributed profit of OJSC Raiffeisen Bank Aval for 2008.

Besides, the capitalization programme takes into account the increase in the bank’s capital totaled UAH 850 mln owing to loans from the International Financial Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

"Our shareholders have confirmed their willingness to follow the National Bank of Ukraine’s recommendations including those concerning our institution’s need in an additional capital defined by results of the prior stress test", commented Volodymyr Lavrenchuk, CEO of the bank’s Board. "We will further maintain our position of a reliable financial institution that meets all the capitalization and liquidity requirements in full", he added.

In addition, the general shareholders’ meeting has approved the scheme of the distribution of the bank’s profit for 2008. Specifically, UAH 700,000 out of more than UAH 531 mln of the net profit gained by OJSC Raiffeisen Bank Aval in 2008 is to be directed at payment of dividends to holders of the bank’s privileged shares, and the rest of the net profit is to be added to the bank’s reserve fund.

The general shareholders’ meeting of OJSC Raiffeisen Bank Aval also approved the Report of the Management Board of OJSC Raiffeisen Bank Aval on the bank’s performance in 2008 and its main activities for 2009 along with the Reports and the Conclusions of the Auditing Commission and those of the external auditor, as well as the Annual Report and the balance sheet of the bank for 2008. The shareholders also defined the list of the companies — external auditors of the bank.