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Venezuela's Banesco approves capital increase worth 4.00 trillion bolivares

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Venezuela's Banesco approves capital increase worth 4.00 trillion bolivares

Banesco Banco Universal CA on May 28 approved a capital increase of 4.00 trillion Venezuelan bolivares, bringing the total share capital to around 6.49 trillion bolivares.

In a statement, the Venezuelan bank said its shareholders approved the capital increase with the issuance of 400 billion new common shares worth 10.00 bolivares each.

Current common shareholders will have the right to subscribe to the new shares at a rate of 1.605749253744 new shares for each share already held.

The Caracas-based bank announced in January it planned to increase its capital by 10x in 2018 for new investments in infrastructure and technology.

As of May 30, US$1 was equivalent to 79,825.00 Venezuelan bolivares.