4 Mar 2010 14:22

Commerzbank increases stake in Ukraine

KYIV. March 4 (Interfax) - Germany's Commerzbank AG increased its stake in the charter capital of Ukrainian Forum Bank from 62.8% to 89.3%, Forum said in a statement.

"Commerzbank today announced the acquisition of an additional 26.5% of shares in Forum Bank, increasing its stake to 89.3%. Earlier Leonid Yurushev, who is no longer a shareholder following the sale, owned the shares. Details on the transaction are not being divulged," the statement said.

Commerzbank acquired 60%+1 share in the Ukrainian bank in March 2008 and owned 63% when this transaction took place.

It was earlier reported that a shareholders meeting for the owners of Forum is slated for March 4, at which they will vote on increasing its charter capital. Two options will be under review: an increase of 110% to 4.659 billion hryvni (7.9840 hryvni/$1 on March 4, 2010) or by 48.7% to 3.359 billion hryvni.

Commerzbank is Germany's second largest bank. At the end of 2009, the bank had 844 billion euro in assets.

Forum Bank was 63rd largest CIS bank and 12th biggest Ukrainian bank at the end of the first half of 2009 according to the CIS Bank ranking Interfax-1000, compiled by the Interfax Center for Economic Analysis (CEA).