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. Last Updated: 07/27/2016

Promsvyazbank to Boost Capital with Share Sale

Promsvyazbank expects to boost its charter capital by offering 1.45 billion rubles ($49.1 million) of new shares in a private placement, the lender said Monday in an e-mailed statement.

Commerzbank, an existing shareholder, and The European Bank for Reconstruction and Development are expected to buy some of the stock, the statement said. Following the placement, Commerzbank will retain its 15.3 percent share in Promsvyazbank, the country’s third-biggest private bank. The EBRD will gain an 11.75 percent stake.    

(Bloomberg)