UniCredit Bank gets shareholder approval for capital increase

UniCredit Bank has been granted shareholder approval at an extraordinary general meeting to a UAH 3.8bn ($145m) increase of the bank's authorised capital, marking the first step of the approved capitalisation plan of the bank. UniCredit Bank is one of the largest banks in Ukraine with 243 branches nationwide and 5,500 employees.

On March 31, 2016 an extraordinary general meeting of UniCredit Bank's shareholders approved UAH 3.8 bn increase of bank's authorized capital. This increase marks the first step of the NBU approved capitalization plan of the bank, whereby UniCredit Bank undertakes to increase its capital by UAH 10.645 bn in total.

The capital will be increased according to a simplified procedure, outlined in the Law of Ukraine 'On measures aiming at capitalization and restructuring of banks' No.78-VIII dated as of 28.12.2014, via private placement of additional common shares requiring additional shareholders' contributions. According to the current legislation, the shares will be placed in two tranches - on April 1 and 4.

'This authorized capital increase is a starting point on the way to implementing our capitalization plan approved by the NBU; it confirms our reliability and commitment to cooperate with the regulator in stabilizing the banking system of Ukraine. Additional capital will allow UniCredit Bank to meet all the requirements of the NBU and to create a sufficient 'safety cushion' for stable bank's operation in case of possible market challenges,' - said CEO of UniCredit Bank Tamara Savoshchenko.