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International Moscow Bank set for $100mln additional share issue

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MOSCOW, July 26 (RIA Novosti) - International Moscow Bank (IMB) said Wednesday it intended to issue about $100 million in additional shares to increase its charter capital.

IMB, a Russian commercial bank with international capital specializing in services for corporate and private clients, corporate financing and treasury operations, said it would issue both ordinary and preferred shares to enlarge its charter capital to about $300 million.

"Despite the issue, shareholders' percentage holdings in the bank will remain the same," IMB said.

IMB, which is on a list of Russia's top 30 banks published by the Central Bank, said a decision on an additional stock issue would be taken at a July 28 extraordinary shareholders' meeting.

Russian banks are thought to be heavily undercapitalized and in need of funds to compete with Western companies.

As of June 1, 2006, the bank's charter capital was about $190. In 2006 Q1, the bank's assets calculated to International Financial Reporting Standards reached $5.96 billion and its shareholder equity $720 million.

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