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BelRosBank’s authorized capital up by 62%

BelRosBank has increased the authorized capital by 62% to Br71.3 billion by means of increasing the nominal cost of shares from Br6767 to Br10962. The shareholders have allocated Br27.3 billion for this purpose, it was learnt from the bank. The equity capital of the bank now totals Br155.6 billion.

The amendments to the charter of the bank approved by the general meeting of shareholders have been registered with the National Bank of the Republic of Belarus.

“The willingness of the parent company to invest significant funds in Belarus bears witness to shareholders’ support of BelRosBank’s expansion strategy in Belarus. There is no doubt that decisions like this help strengthen the bank’s position in the financial services market,” said Igor Katibnikov, Chairman of the Board of Directors of BelRosBank.

As of 1 December 2009, the bank’s assets made up Br1426.9 billion. The credit portfolio increased to Br948.7 billion. Return on equity made up 16.8% as of 1 December 2009.

Registered in 2003, BelRosBank is among the leading banks of the Republic of Belarus according to the major business indicators (assets, corporate and individual loan portfolios, fixed-time deposits).

RosBank, one of the largest banks of the Russian Federation and the Bank of 2008 according to The Banker magazine, keeps a 99.99% stake in the bank.

BelRosBank was included in the Societe Generale Group after this large financial institution acquired a 65% stake in RosBank.

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