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Friday, February 28, 2020

B&N Bank to increase capital by $112 million

B&N Bank's board of directors recently approved an additional share issue worth $112 million in favor of the company owned by Mikhail Gutseriev.

The bank's capital will be increased by way of placing additional ordinary shares by private subscription in favor of Hanberg Finance Limited, owned by B&N founder Mikhail Gutseriev.

The total number of ordinary shares to be placed - 9,626,956 - have a nominal value of $5.60 per share. Payments for the shares from investors will be denominated in the currency of the Russian Federation.

As a result of the additional issue, B&N Bank's share capital will increase by $$53 million to $262 million and its total capital will grow by $112 million to $818 million.

After the additional share issue, B&N Bank's President Mikail Shishkhanov will hold approximately 77.7 percent of the bank's shares and Mikhail Gutseriev will hold approximately 20.6 percent.

Gutseriev decided to acquire a share in B&N Bank's capital last year. Any specific plans for a further increase of his investments for 2014-2015 will be approved in the near future.