The European Bank for Reconstruction and Development (EBRD) will acquire preferred stock from an additional issue by International Moscow Bank for rubles 292.52 m (US$10 m).
After the additional stock issue, the EBRD's stake in the bank will drop to 4.81% from 10.2%.
By increasing its charter capital, International Moscow Bank will gain the opportunity to carry out middle-term strategy, aimed particularly at financing of small-and medium-sized enterprises (SMEs) and the development of its retail business, the release says.
The scheme for the planned charter capital increase, which involves the EBRD subscribing to preferred (and not common) stock, will allow HypoVereinsbank AG and the group Nordea to consolidate almost 75% of the bank's voting stock, thereby simplifying the bank's ownership structure.
