OREANDA-NEWS. September 28, 2010. The General Shareholders’ Meeting of VAB Bank that took place on 9 September 2010 resolved to increase authorized capital by UAH 550 million (78.7%), which following the completion of the issue registration shall grow to UAH 1,248.6 million, reported the press-centre of VAB Bank.

The General Shareholders’ Meeting also approved the changes to the Supervisory Board composition by replacing one member. The newly appointed member is Mr. Ariel Hasson, Managing Director at TBIF Financial Services B.V., previously Head of Emerging Markets at Bank Hapoalim (Israel). Now, the Supervisory Board consists of five members, four of whom, including Chairman, represent TBIF Financial Services B.V.

“The shareholders continue to actively support the Bank, as they see strong development prospects on the Ukrainian market. The capital increase shall strengthen the Bank’s position on the market and direct additional resources towards lending to the real economy sector. There is a long-term development strategy of the Bank in place, state-of-the-art IT technologies and optimized business processes, that all together support new approaches to high customer service standards and form a strong foundation for better performance and achieving ambitious goals.” — commented Peter Baron, VAB Bank CEO.

This shall be a second increase in the Bank’s authorized capital this year. Earlier, the Bank’s shareholders increased capital by UAH 156 million. As a result, the share of TBIF grew from 63.0% to 71.3% and the one of the Maksimov family reduced from 35.4% to 27.4%.
For more information about the Bank’s shareholders and Supervisory Board composition, please, visit our web-site at: www.vab.ua (About us section).