METCOMBANK’s second additional share issue has been registered by the Licensing Department.

The spokesperson for the bank reports 1 million shares with the face value of 1,000 RUR each were bought by the bank’s majority shareholder, which means the bank’s authorized capital has doubled and now comes to 2 billion RUR.

METCOMBANK last raised its authorized capital on April 24, 2007.

‘The increase in the authorized capital was a pre-planned decision and part of our development strategy that the bank’s stockholders adopted at the end of 2007,’ the spokesperson explains.

‘The doubling of the capital at the time of a crisis means METCOMBANK’s stockholders are trying to make the bank keep developing and build up its share of the market. We are currently implementing a whole range of measures targeted at expanding our product range as well as our subsidiary network and launching a number of new projects for retail and business sectors. A bank’s authorized capital is a crucial indicator of its strategic potential. So our doubling means we can build up on assets and become more financially stable despite the troubled economy. Given the subordinate loans we coordinated, our total capital amounts to about 3 billion RUR,’ says the bank’s Chairman Rustam Mamatov.