The authorized capital of Aval bank will amount to UAH 1 billion in the result of a subscription to the Bank’s shares of the 20th issue totaling UAH 200 million.

That was reported by Chairman of the Bank’s Board Oleksandr DERKACH at the press conference held on April 21 this year in the head office of the Bank (Kyiv, 9 Leskov St.).

According to him, the Bank started the subscription to the shares of the 20th issue on April 9 this year, including preference stocks with a fixed income at the rate of 14% annual, which will be issued in the volume of 5 million hryvnias.

As O.DERKACH noted, the issue of preference stocks is targeted at giving small shareholders an opportunity to gain a fixed income on Aval Bank shares by the results of its activities during the year.

By prior applications, all the shares will be redeemed by existing shareholders, who have a vested prior right of stock redemption both at the first and the second stages of the subscription.

The decision about increasing of the authorized capital by means of issuance of stocks of the Bank’s 20th issue totaling UAH 200 million, was made at the General Shareholders’ Meeting on March 5 this year in Lviv.

The National Bank of Ukraine registered the Aval Bank authorized capital in the size of UAH 800 million as of November 19, 2003. The term of the subscription to the stocks of the 19th issue was fixed from April 15 till October 15, 2003.