On September 2, 2008 the Bank of Russia approved a report on Gazbank’s additional share issue, lending institution. The additional shares worth Rub 1 bln were purchased via closed subscription by all seven shareholders in proportion to their holdings in the charter capital. So, the bank’s charter capital doubled to Rub 1,998.17 mln.
SPO proceeds will be earmarked to roll out consumer and corporate lending, as well as to fund the lender’s new investment projects.
According to the data from news agency Banki.ru and Interfax-CEA, as of July 1, 2008 net assets of Gazbank stood at Rub 29.57 bln (85th place in Russia). The lending institution is a member of the national deposit insurance system.
