RIA NOVOSTI. At Wednesday’s EGM Gazprombank shareholders will decide whether or not to upsize the bank’s charter capital, RIA Novosti wired. In addition, on the EGM agenda is to approve the conclusion of an agreement to purchase/sell Gazprombank’s additional common shares in favor of Gazprom, and also in favor of
As Kommersant business daily wrote in October, Gazprombank could be assigned a formal status of state-controlled if the lending institution’s Rub 130 bln subordinated debt to VEB, Gazprom and private pension fund Gazfond is converted into shares, then the controlling stake in the lender will de jure be transferred from private pension fund Gazfond to VEB and Gazprom.
Gazprombank deputy management board chairman Alexander Sobol said this week that after the partial conversion of its subordinated credit into Gazprombank’s additional shares VEB could grab 8—12% of the bank’s capital.
During the crisis banks took subordinated credits from VEB, and Gazprom raised one of the biggest (Rub 90 bln). Moreover, the bank’s shareholders also provided subordinated credits, with Gazprom giving Rub 7.5 bln and Gazfond providing Rub 32.5 bln.
According to the newspaper, as part of the additional share issue the bank’s shares will be used to convert Gazprombank’s subordinated credit into them. These are VEB’s Rub 90 bln subordinated credit, Gazfond’s subordinated credits for a total of Rub 32.5 bln and Gazprom’s Rub 7.5 bln subordinated credit.
