Kaliningrad Region’s INVESTBANK is to split common shares, each share having a nominal value of R10. The decision was approved at a general shareholders meeting. It is part of a procedure for affiliating three other Russian banks to INVESTBANK, particularly, CONVERSBANK (Moscow), GRAN BANK (Yekaterinburg) and VORONEZHPROMBANK (Voronezh), members of the CONVERSBANK group. One common share with a par value of R10 is to be converted into 100 common shares with a nominal value of R0.10. A splitting coefficient is 100. Vladinmir Antonov, the group’s beneficial owner, says after the banks join INVESTBANK, their shareholders will have equal rights with INVESTBANK’s. The capital of the united INVESTBANK will exceed R3.0 billion and assets will top R30b. The bank’s clients (more than 200,000) will get a ramified service network with more than 30 points of sale including branches, supplementary offices and cash offices, in largest industrial centres in the European part of Russia and Urals.
Source: FINNEWS.RU, May 31, 2007
