OREANDA-NEWS. On 31 March 2009 was announced, that SEB Bank (Ukraine) confirmed its charter fund increase by UAH 102mn or 90% to UAH 216mn. This decision was related to the takeover of Factorial Bank < FKTB UZ N/R > as a branch. With this aim SEB bank issued 10.2bn of ordinary registered shares in non-documentary form at par of UAH 0.01 each. The additional issue shares were exchanged for a letter of commitment of Factorial Bank to hand corresponding amount of shares in SEB Bank.

Millennium Capital sees the news to be POSITIVE for Factorial Bank, since we expect that the funds from the additional share issue of SEB Bank will be directed to the increase of FKTB’s reserves amount. According to Millennium Capital’s estimations FKTB will need around UAH 100mn on its reserves increase since retail foreign currency loans take around 30% share in its credit portfolio.

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.