Alfa-Bank increases its stake in Kievinvestbank

Alfa-Bank currently controls 76 percent of Kievinvestbank. This includes Ostra-Kiev (insurance company belonging to the bank) and other affected companies.

According to Yevgeny Bernshtam, “The next step for our Ukrainian subsidiary will be to increase the charter capital to UKG73 million. This growth will allow Alfa-Bank to become among the ten largest banks of the Ukraine.”

The decision to issue a sixth emission of stocks to increase Kievinvestbank’s charter capital from UKG57 million to UKG73 million (US$14 million) was confirmed by the stockholders meeting held in July.

Yevgeny Bernshtam states, “A task of Kievinvestbank is to establish closer ties with government and commercial, while attracting medium to large companies as clients in the Ukraine.”

Kievinvestbank will eventually will be renamed “Alfa-Bank Ukraine.” In several years about 20 branches will be opened on the Ukraine’s territory. Eliminating duplication, Alfa-Bank Ukraine and Alfa Capital Ukraine will be reorganized.

The ultimate goal is to create a financial “supermarket” in the Ukraine, thereby conforming to Alfa Group’s strategy. Alfa-Bank and Alfa Capital materialized this concept in Russia.