An agreement was reached regarding Alfa-Bank’s listing as a stockholder of Kievinvestbank, a method to develop Alfa Group’s business in Ukraine.
On March 27, stockholders confirmed Alfa-Bank’s listing as a stockholder of Kievinvestbank and discussed increasing the charter capital by issuing new stock. This move will allow Kievinvestbank to become one of the five largest Ukrainian banks. Alfa-Bank plans to purchase most of the stock issued.
The stockholders selected new management representing Alfa-Bank in the Executive Board in order to maximize Alfa-Bank’s control of Kievinvestbank’s development.
Kievinvestbank’s objective is to develop relations with the private and public sectors, and attract business from small and large companies. Kievinvestbank will be renamed Alfa-Bank Ukraine. About twenty branches will be opened on the territory of Ukraine within the next several years.
Six months are required to make Alfa-Bank a stockholder and to register the new stock issue. A team of experts that are implementing state-of-the-art banking technologies used by Alfa-Bank, already works at Kievinvestbank, which will hire top local specialists from Alfa Capital Ukraine, an Alfa Group company.
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.