Shareholders voted on Friday to increase B&N Bank's equity by RUB 6 billion through additional shares.
As a result of the vote, the bank's share capital will increase to RUB 12.9 billion and total capital held by the bank will increase to RUB 36 billion. Additional shares will be placed in the favor of Hanberg Finance Limited, owned by B&N Bank Founder Mikhail Gutseriev. B&N Bank President Mikhail Shishkhanov will hold the majority share with 59.4 percent Gutseriev will hold 39.3 percent.
The bank said in a release that it plans to continue to increase its capitalization on a regular basis to ensure opportunities for growth remain based on the bank's development strategy.
More than 14 million shares need to be placed, with a fixed price of RUB 415.5. The share issue is expected to be finalized within four months.