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Vozrozhdenie Bank to sell new share issue on open subscription
June 15, 2006
Moscow, 15 June 2006. Vozrozhdenie Bank (VZRZ) announces plans for a new share issue:
- 2 million new shares equal to 10% of existing capital
- Price set at 729 rubles ($27.00)
- 1.46 billion ($54 million) new equity to support organic business growth
"We would like to attract new equity to maintain a prudent balance and increase the ownership among independent investors,” commented Dmitry Orlov, Chairman of the Management Board of Vozrozhdenie Bank. "Our profitability is high, but not enough to support the 50% growth in assets that we have seen over the last three years.”
“Vozrozhdenie has been successful in attracting new clients and there has been rapid growth in loans for individuals, credit cards, and most importantly, mortgages. The full amount of capital raised will go to the bank’s balance sheet to support stronger relationships with existing and new clients,” said Mr. Orlov.
Vozrozhdenie Bank intends to issue 10% of new common shares through an open book offering. Investors will have the opportunity to subscribe from June 26th to August 4th at the offer price. Troika Dialog is acting as the bank’s advisor on the issue.
The bank’s shares (VZRZ) are included in the Moscow Interbank Currency Exchange “B” list and also trade on the Russian Trading System. A small portion, 3%, of the bank’s shares also trade on German exchanges in the form of American Deposit Receipts.
Vozrozhdenie Bank was founded in 1991 and recently celebrated its 15th anniversary. The bank is widely owned, with approximately 8,000 shareholders.
Vozrozhdenie Bank provides personal banking and business services to clients throughout the Russian Federation. Its nationwide network includes over 140 branches and over 400 ATMs, providing almost 1,000,000 clients with a range of services, from savings accounts, payment handling, payroll management, to mortgages, bank cards and business and consumer loans.
For more information see: www.vbank.ru
Anna Chernyakhovskaya,
Corporate Communications
chern_anna@comail.voz.ru
+7 (495) 777 08 88
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