OREANDA-NEWS  On 10 December was announced, that the National Bank of Ukraine approved changes to the Articles of Association of OJSC Raiffeisen Bank Aval, made in accordance with the decisions approved at the Bank’s general shareholders’ meeting in September, 2008.

Specifically, it approved an increase in the charter capital of OJSC Raiffeisen Bank Aval resulted from a closed placement of 1.4 billion ordinary registered shares of the 24th issue to a total nominal value of UAH 140 million. The selling price of one share was 1 hryvnia. The placement was realized in two steps: the first step lasting from 1 till 31 July, 2008 and the second one — from 1 till 29 August, 2008.

As reported before, funds gained from the allocation of the shares of the 24th issue were directed at the formation of the capital base of OJSC Raiffeisen Bank Aval, including the Bank's charter capital sized UAH 140 million and the additional capital in the amount of UAH 1,260 million. Consequently, the charter capital of OJSC Raiffeisen Bank Aval has been increased to UAH 2, 419, 934, 908.

Raiffeisen Bank Aval, founded in March 1992, is one of the largest Ukrainian banks and takes leading positions at Ukraine’s banking market in terms of a number of core financial results. As at 1 October, 2008, the bank’s net assets were UAH 52.559 billion, the loan portfolio amounted to UAH 42.660 billion (all figures are according to the local accountant standards).

Raiffeisen Bank Aval is a subsidiary of Raiffeisen International Bank-Holding AG, that operates one of the largest banking networks in CEE. 17 markets of Europe's growth region are covered by subsidiary banks, finance leasing companies and a number of other financial service providers of Raiffeisen Group. Over 14 million customers are attended to through more than 3,100 Raiffeisen business outlets.