VTB (Ukraine) is increasing its charter capital by UAH 2.595 billion or 7.6%, to UAH 36.808 billion via an additional issue of shares.

According to an official report of the bank in mass media, its shareholders at a general meeting on October 23 decided to increase the bank's charter capital.

The bank will place shares with a face value of UAH 0.10 only among current shareholders in two stages in the period from December 20, 2017 through January 16, 2018.

As reported, the supervisory board of VTB Bank has approved the additional capitalization of the Ukrainian subsidiary for UAH 2.6 billion (about $98 million).

Capitalization is carried out at the expense of money that was issued to VTB (Ukraine) several years ago as interbank loans. Therefore VTB does not provide its bank in Ukraine with new additional funds.

VTB (Ukraine) CFO Andriy Hryschenko told Interfax-Ukraine that the amount of interbank loans issued earlier is around $175 million, including some $98 million that will be converted into capital as part of the scheduled additional capitalization of the bank.

VTB Group in May last year announced its intention to sell Ukrainian banks in case of interesting offers. However, as early as June the VTB management reported they had suspended active search for buyers. Talks about the withdrawal of the group from the Ukrainian market resumed in March 2017 after Kyiv had imposed sanctions against Ukrainian banks with Russian state capital. The restrictions imposed for one year prohibit them from carrying out any financial transactions in favor of the parent structures.

VTB Bank (formerly Bank Mriya) was founded in 1992. Its main shareholder is Bank VTB (Russia, 99.9959%).

VTB Bank ranked 16th among 88 Ukrainian banks on July 1, 2017 in terms of total assets (UAH 14.019 billion), according to the National Bank of Ukraine.