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Credit Bank of Moscow to offer additional shares to existing shareholders

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Credit Bank of Moscow to offer additional shares to existing shareholders

PAO Credit Bank of Moscow invited shareholders to use their preemptive rights to acquire additional shares in the lender worth 3.2 billion Russian rubles.

The shares were registered with the Russian Central Bank in December 2016, but have not been placed. Shareholders can apply for the additional shares between Oct. 10 and Oct. 19.

The par value of the shares amounts to 1 ruble apiece, and the issue price will be determined by the supervisory board after the expiration of the shareholders' preemptive rights to purchase the additional shares, the bank said Oct. 9.

The lender's management board chairman, Vladimir Chubar, also did not rule out that the bank could carry out a secondary public offering on the Moscow Exchange by the end of 2017, news portal RNS reported the same day.

Following the bailouts of large private lenders Otkritie Financial Corp. Bank and B&N Bank, Chubar recently assured investors that Credit Bank of Moscow, which is one of Russia's systemically important lenders, has a sufficient level of liquidity and is not in discussions with the central bank about potentially receiving support.

As of Oct. 6, US$1 was equivalent to 58.21 Russian rubles.