Raiffeisen Bank Aval could buy minority stakes in bank - EBRD
The European Bank for Reconstruction and Development (EBRD) that holds 30% of shares in Raiffeisen Bank Aval (Kyiv) has said that the Ukrainian bank could buy minority stakes in the bank.
"Raiffeisen Bank Aval was glad that the squeeze-out scheme was approved, as well as other banks and it can apply it," Associate Director of the Economics, Policy and Governance department at the EBRD Olyana Gordiyenko said at a roundtable devoted to new public joint-stock companies and new prospects held in Kyiv.
The press service of the EBRD told Interfax-Ukraine that Raiffeisen Bank Aval could really use the squeeze-out option foreseen in the law on amending some Ukrainian laws regarding the improve the corporate governance in joint-stock companies.
The press service said that UkrSibbank (Kyiv) where the EBRD holds 40% of shares could use this option.
The total number of shares issued by Raiffeisen Bank Aval is 61.495 billion. Taking into account the fact that as of June 30, 2017, 68.28% of the shares belonged to Raiffeisen Bank International (RBI, Austria) and 30% to the EBRD, minority shareholders hold 1.72% of shares or slightly more than 1 billion securities.
Since early 2017, the value of the bank's shares grew 2.16-fold.
As reported, the law adopted on March 23, 2017 by the Verkhovna Rada introduced the squeeze-out and sell-out options.
Raiffeisen Bank Aval was founded in 1992. According to its data, as of June 30, 2017 RBI owned 68.28% of the charter capital in the financial institution, the EBRD held 30%.
Raiffeisen Bank Aval ranked fifth among 88 operating banks as of July 1, 2017 in terms of assets (UAH 60.912 billion), according to the National Bank of Ukraine.
UkrSibbank was founded in 1990.
BNP Paribas S.A. (France) owned 59.9996% of the bank's charter capital by early January 2017, while the EBRD held 40%.
UkrSibbank ranked sixth among 88 operating banks in Ukraine in terms of assets by July 2017 (UAH 42.321 billion).