Bank of Moscow ups capital of Ukrainian subsidiary for sale to Smart Holding
KYIV. July 5 (Interfax) - BM Bank (Kyiv), the Ukrainian subsidiary of Bank of Moscow, has increased charter capital 38.1% to UAH 579.67 million through an additional share issue totalling UAH 159.76 million (around $20 million).
The Kyiv-based bank said in a press release that its supervisory board approved the results of the additional issue, during which common shares with par value of UAH 0.25 had been placed through private subscription.
Bank of Moscow had to raise the charter capital of its Ukrainian subsidiary as a condition for Smart Holding to acquire the Kyiv-based bank.
In early 2012 it was announced that Vadim Novinsky's Smart Holding, which controls Unex Bank in Ukraine, was close to a deal with Bank of Moscow to buy its Ukrainian subsidiary.
BM Bank was established in 2005. On April 1 2012 Bank of Moscow owned 99.93% of its shares. The National Bank of Ukraine said that BM Bank was number 58 by asset value among Ukraine's 174 banks in the first quarter of 2012.
The official exchange rate on July 5 stood at UAH 7.9925 /$1.
