The FINANCIAL -- Early 2010, UkrSibbank launched a new industrial plan for its banking businesses and operations as well as for restructuring its balance sheet. This plan is evolving successfully and is fully on track.
The shareholders of UkrSibbank support this plan and in the frame of the development of UkrSibbank’s activities, did subscribe to capital increases of UkrSibbank taking place at the end of 2010 and also recently through a capital increase registered on June 19th 2012, which was totaling UAH 1360 m.
For the purpose of an adjustment of the structure of its authorized capital in frame of the overall regulatory capital base, the Meeting of Shareholders of July 12th adopted a decision to decrease the nominal value of the UkrSibbank’s shares to UAH 0,01 per share and thus reducing the authorized capital of the bank. The difference resulting from the decrease in the nominal value of the shares will be kept as part of the Tier 1 regulatory capital, which as a consequence will remain unchanged. In other words, the money invested by its shareholders will stay in the bank’s regulatory capital.
The mentioned restructuring of the authorized capital has the full support of BNP Paribas and EBRD, the major shareholders of UkrSibbank. As BNP Paribas reported, the decrease of the share capital nominal value will be done in accordance with the rules of financial accounting in Ukraine . This new capital structure resulting from this accounting operation, fully respects the regulatory requirements of the National Bank of Ukraine (NBU). The decrease of the nominal amount per share will have no impact on the bank’s solvency, nor on its present activity in Ukraine and nor on its long-term development plan.
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