The Central Bank has registered report on Orient Express Bank additional share issue results
2008.03.06
Orient Express Bank increased its tier I capital by just over $90 million. On February 29, 2008, Orient Express Bank issued 1,680,000 new common shares with a par value of RUR 100. The shares were sold at RUR 1,309.53 each to its existing shareholders. The new share issuance has been registered with the Russian Central Bank.
As a result of this new issue, the Bank’s equity grew by RUR 2.2 billion to exceed RUR 5.3 billion. Mr. Sergey Vlasov, CEO and Chairman of the Management Board, said that “the success of this equity issue reflects the shareholders’ commitment to supporting the Bank’s rapid growth. This will benefit not only the Bank’s business development, but its status as well - we plan to become a Top 60 Russian bank by equity in the nearest future.” As of December 31, 2007, the Bank ranked 88th in Russia in terms of assets.
The beneficial shareholding structure of Orient Express Bank after the additional issue of ordinary shares is as follows:
| Igor Kim | 40.48% |
|---|---|
| Sergey Vlasov | 25.07% |
| Renaissance Capital Partners | 15.00% |
| Andrey Bekarev | 9.15% |
| Alexander Taranov | 9.15% |
| Others | 1.15% |
