Alfa-Bank buys a 76% stake in Kievinvestbank

Stockholders of Kievinvestbank approved Alfa-Bank’s listing as a stockholder during their meeting.

Stockholders reviewed the issue regarding an increase of Kievinvestbank’s charter capital to USD13.5 million by issuing new stock. Alfa-Bank plans to purchase most of the stock, stated press relations in Moscow.

Established in 1995, Alfa Capital Ukraine, a large trader on the off-exchange stock trading system, will become a part of Alfa Group.

Eliminating duplication, Alfa-Bank and Alfa Capital will reorganize and merge. The goal is to create a financial supermarket that conforms to Alfa Group’s strategy. The merger of Alfa-Bank and Alfa Capital set the precedent.

The assets of Kievinvestbank were valued at 35.07 million Grivna (USD6.45 million), and ranked 74 among 131 banks belonging to the Association of Ukrainian Banks. Charter capital of the bank was 14.3 million Grivna (USD2.63 million).