TRANSCREDITBANK (Moscow)’s board of directors has approved the decision for the bank’s subsidiary, CHITAPROMSTROIBANK (Chita), to issue additional shares. Some 9,500,000 shares will be placed at R700 apiece via closed subscription. CHITAPROMSTROIBANK’s capitalization will almost double the TRANSCREDITBANK group’s aggregate capital to $500 million by the mid-2007. RUSSIAN RAILWAYS’ companies will buy CHITAPROMSTROIBANK shares to become new bank shareholders.
Source: BANKIR.RU, October 30, 2006
