Šiaulių bankas is planning to increase its capital
The Board of Šiaulių bankas AB is summoning the General Shareholders’ Meeting on November 11th this year to discuss the issue of the bank’s authorized capital increase.
Since 2002 Šiaulių bankas has been implementing the consecutive capital increase policy annually. Such activities ensure an efficient employment of the invested funds and the growth of the bank’s capital adequacy ratio. Currently the capital adequacy of Šiaulių bankas is exceeding 15 per cent. Excluding the increase of the capital from the banks own funds, the planned new share issue from the additional contributions will be the eighth one during the seven recent years.
At the end of September the Board of Directors of the major shareholder of Šiaulių bankas - the European Bank for Reconstruction and Development (the EBRD) - approved the EBRD’s participation in the possible increase of Šiaulių bankas’ authorized capital. Such a resolution was carried out taking into consideration the bank’s strategic plans and assessing the potential opportunities of Šiaulių bankas to grow and generate profit. Supporting the long-term development of Šiaulių bankas, the EBRD projects to participate in the new share issues until 2010 allocating up to EUR 10 million for these purposes.
“Šiaulių bankas really appreciates the intentions of its major shareholder the EBRD to provide further support for the development of the bank’s business. The increase of the authorized capital will have positive impact on extending the existing market share and increasing the volume of sales of the banking products. Šiaulių bankas has a well-marked business strategy focused on small and medium business, therefore the increase of the capital and attraction of additional resources is an important and essential task”, - said Algirdas Butkus, the Chairman of the Board of Šiaulių bankas AB.
The main issue on the agenda of the Extraordinary Shareholders’ Meeting to be summoned on November 11th is the increase of Šiaulių bankas’ authorized capital issuing a new share issue. Currently the authorized capital of Šiaulių bankas reaches LTL 180,36 million. The last time the share emission issued by Šiaulių bankas was registered in September 2007 - then 40 million shares were disseminated for LTL 92 million.