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BKS Bank raises €55M with latest rights issue

Austria-based BKS Bank AG said March 6 that it had completed its latest capital increase, raising €55 million in gross proceeds through the issuance of 3,303,300 new ordinary shares at a price of €16.70 apiece.

The subscription period ran from Jan. 29 through Feb. 28, and the offer ended March 5. The new shares, which are dividend-eligible for the entirety of 2018, will start trading on the stock market March 16.

BKS Bank will use the proceeds to strengthen its capital, boost organic growth and expand its credit business. Any possible remaining proceeds will be invested in the expansion of the bank's digital offering and for general financing purposes, according to the statement.