OREANDA-NEWS. At yesterday's general meeting of Ukrainian VAT Raiffeisen Bank Aval, a subsidiary of Raiffeisen International Bank-Holding AG, the shareholders approved an increase of the bank's paid-in capital by 1,5 billion hryvnias (corresponding to approximately 220 million euros). For this purpose, the bank will issue 1,8 billion ordinary shares in July. This is the second capital increase within the past twelve months after the raise of almost 100 million euros in July 2006.

"We once again underpin our growth strategy in Ukraine with this capital increase and confirm our claim as leading western banking group in the CIS", said Herbert Stepic, CEO of Raiffeisen International. The major part of the funds will be used for increased lending to households and corporate clients, while the rest will support the modernization of the bank's branch network.