Antimonopoly Policy Ministry approves increase in Roseximbank's capital

The Russian Ministry for Antimonopoly Policy has considered Roseximbank'sapplication for increasing its authorized capital from RUR51m (around$1.6m) to RUR951m (around $30.19m) by issuing additional shares worthRUR900m (around $28.57m), as well as the application filed byVneshekonombank about purchasing a 94.64 percent stake in the authorizedcapital of Roseximbank. The Antimonopoly Policy Ministry deemed it possibleto issue a preliminary approval both of the increase in the authorizedcapital and of the transaction, the press service of the ministry reported. According to the ministry, the Russian government approved thedevelopment plan of Vneshekonombank. This plan envisages Vneshekonombank'sacquisition of the additional shares issued by Roseximbank in order todivide his functions as the Russian government's agent for servicing thestate foreign debt and the functions of a credit institution. .

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