OREANDA-NEWS. December 22, 2009. The EGM of the Forum bank failed for the fourth time to approve the terms of the bank’s charter fund increase. This postpones the bank’s charter fund increase to 2010. Similarly to the previous EGM, the main reason for the delay was disagreement between the bank’s major shareholders.

Millennium Capital sees the news to be quite negative for the bank. Though the regulative capital of the bank seems to be sufficient (19.6% in 9M09 according to our estimations), the delay in the charter fund increase may block the chance for broadening the FORM’s operational activities and shakes the investors’ faith in the bank’s shares.