TBIF Financial Services B.V. increased its share in VAB Bank to 63.01% from 48.9%. The share of another major shareholder, Mr. Sergey Maksimov and members of his family, decreased to 35.4%.
The above changes in the shareholders composition took place following the increase in the share capital of the Bank. All the shares of the new issue have been dully placed and paid for as of now, with the Bank’s share capital growing to UAH 542.6 million.
In 2009, the Bank’s regulatory capital increased by over UAH 0.5 billion to UAH 1.2 billion, the share capital grew by UAH 201.2 million. UAH 348.2 million was raised as a subordinated debt.
“Taking controlling responsibility for the Bank is a step forward for us, particularly important in this difficult market environment”, commented Peter Baron, VAB Bank CEO.
"We have an extensive experience of managing financial institutions in the developing markets: Central and Eastern Europe. We have lived through many crises and we know how to work out the situation. Ukraine is a strategic market for us, and we are committed to support our operations there", said Izchak Kanes, Kardan representative in Ukraine.
Reference data
Vseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine according to NBU. Branch network consists of 150 outlets throughout Ukraine and a representative office in Budapest (Hungary). TBIF Financial Services B.V., a large international company based in the Netherlands, is among the bank’s shareholders. Total assets of VAB Bank amounted to UAH 7.3 billion as of 1 January 2010, regulatory capital – UAH 1,195 million.
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