OREANDA-NEWS. August 27, 2012. Latvian AS "PrivatBank" (a subsidiary of Ukrainian PrivatBank) increased its share capital by 40% (LVL16 million) up to LVL56.47 million successfully completed the additional issue of 16 million shares. As the bank’s press service reported, a significant increase of equity allows AS "PrivatBank" to expand its market share and confirms the reliability of the bank for its customers and investors once again.

"The growth of equity has allowed the bank to join the TOP-10 Latvian financial institutions, - noted Alexander Trubakov, Chairman of the Board of AS" PrivatBank ". - The volume of the issue, that made such a substantial share capital growth possible, shows a high level of shareholders’ confidence in the bank."

The decision to increase share capital by LVL16 million by issuing 16 million new ordinary shares with voting rights was approved at a special shareholders' meeting held on June 11th 2012. Shares of the new issue were distributed among existing shareholders in accordance with their claims. As for July 1st 2012 share capital of the bank amounted to LVL40.47 million.

AS "PrivatBank" is part of the international banking group PrivatBank that serves over 22 million corporate customers and individuals in 12 countries including Russia, Georgia, Latvia, Italy, Portugal, China, Great Britain, Cyprus, Germany, Spain and Kazakhstan. PrivatBank was acknowleged the "Bank of the Year 2011" in Ukraine (The Banker Awards). In 2012, PrivatBank joined the TOP-10 largest banks in Central and Eastern Europe within the TOP-1000 world leading banks ranking. PrivatBank is also included in the TOP- 10 banks of the CIS in "RIA Rating" ranking.