OREANDA-NEWS. August 4, 2010. VAB Bank shareholders, at an AGM on August 2, approved increasing the bank’s equity capital (charter fund and additional paid in capital) to UAH 1,129 mln via a UAH 156 mln (+16%) additional share issue conducted earlier this year, according to a press release. VAB Bank Supervisory Board Chair Izchak Kanes said shareholders would consider recapitalizing the bank at the next EGM, which was scheduled for September 9. VAB’s major shareholder, Netherlands-based private equity fund Kardan N.V., announced in January it would increase its stake to 98% by buying out local shareholder Sergey Maksimov’s 35% stake for EUR 24 mln in 2010.

Concorde Capital: as a result of this issuance, Kardan’s stake (through its fund TBIF Financial Services N.V.) exceeded 71%, from 63% earlier, and will probably increase further after the next equity injection. VAB Bank Eurobonds now trade at 18%-19%, well above yields of other local non-distressed banks.