Raiffeisen International decides to increase Impexbank's authorized capital by RUB 1.276 bn to RUB 4.454 bn

Raiffeisen International Bank-Holding has taken a decision to increase the authorized capital of Impexbank OJSC by RUB 1.276 bn through placing Impexbank's additional shares, the Bank says.

The shares will be placed by private subscription; the buyer will be Impexbank's sole shareholder - Raiffeisen International.

It is planned to increase the authorized capital in early 2007. Upon the increase, Impexbank's authorized capital will total RUB 4.454 bn.

According to Chairman of Impexbank's Management Board Pavel Lysenko, "the said decision was made under the integration of Impexbank to Raiffeisen International Group. All the stages of the affiliation with Raiffeisen Austria CJSC are performed in time; the decision to increase the capital makes it possible not only to fulfill legal requirements but to hasten the growth in 2007 by providing out clients with new products and additional crediting."

Impexbank is a subsidiary of Raiffeisen International - a holding that controls banks and leasing companies in 16 countries of Central and Eastern Europe. The bank was founded in 1993; it belongs to the thirty Russian largest credit institutions. It is focused on retail business and has a network of 190 branches. In 2005, Impexbank's balance sheet profit under RAS grew by 42% to RUB 876.9 mln; its net assets rose by 38% from RUB 39 bn to RUB 54 bn.