Volksbank shareholders provide €9.6 mln for the bank’s capital

The share increase move by Volksbank International’s shareholders is not singular, as numerous banks have announced similar actions to expand their activities.

The bank’s President, Gerald Schreiner, is responsible for its transformation into one of the most aggressive banks in Romania, moving in just two years from 16th place to 8th in terms of assets. Volksbank’s financial target for 2008 is assets worth €5.2 billion, and operational profit of €36 mln.

The rise in capital took place in the form of an issue of 270 million ordinary shares, with nominal value of RON 0.1 each (totaling RON 27 mln), and 90 million preferential shares (worth a total RON 9 mln). “Furthermore, the shares were issued with an issue premium worth a total RON 144 million, added to existing ones of 1 January 2008, of RON 521.61 million, with the total value of issue premiums reaching RON 665.61 million,” according to a bank communique.