The Russian VOZROZHDENIE bank relishes selling its shares. The bank plans to place a further 10% of its capital next summer, increasing its free floating shares to 35%. VOZROZHDENIE has become the first Russian bank to draw new capital via open subscription on shares quoted on Russian exchanges in July 2006. Over the past three months, VOZROZHDENIE investors have earned 38%; its bank shares gained exactly that amount. As of July 1, 2006, VOZROZHDENIE was 25th among Russian banks in assets with R57.4b, and 47th in capital with R3.5b, the INTERFAX CEA (Economic Analysis Centre) reported. The bank’s report made to international accounting standards names Dmitry Orlov as the bank’s real owner.
Source: VEDOMOSTI, November 2, 2006
