OREANDA-NEWS. On 01 September 2009 was announced, that Raiffeisen Bank Aval < BAVL UZ U/R > intends to increase its charter fund by 18% or UAH 0.5bn to UAH 3bn. With this aim BAVL will issue 5, 312mn of shares at par of UAH 0.1, while share subscription is to be held from 24 November 2009 to 24 January 2010. The decision on share issue is to be taken at BAVL EGM on 14 October 2009.

W Millennium Capital expects that BAVL shares will be purchased by its parent Raiffeisen International (Hungary), which lately also has raised its core capital by EUR 1.3bn. Share capital increase will enable BAVL to increase its loan reserves, related to hryvnia devaluation, and to satisfy the NBU requirements.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.