Hint mode is switched on Switch off
DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 500,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 100 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Concorde Capital Research: VAB Bank postpones its EGM to consider a capital increase

November 21, 2014 Cbonds
VAB Bank’s EGM, scheduled for Nov. 17, failed to convene for technical reasons, a bank representative told Concorde Capital on Nov. 20. A new meeting might be announced later, according to the bank. Shareholders were planning to consider an up to UAH 7 bln capital increase at the meeting. A month ago, the bank’s majority shareholder Oleg Bakhmatyuk declared his willingness to contribute up to UAH 3.0 bln into VAB equity, if the central bank agreed to participate in VAB’s capital increase. The bank’s CAR (under NBU standards) stood at 10.7% as of end-September, or marginally above the 10% minimum.

Alexander Paraschiy: Clearly, the postponement of the EGM is a negative development for the bondholders of VAB Bank – it signals that there is no clear solution on how shareholders are going to help the bank, which is definitely not in the best shape right now.

In and of itself, the decision to increase VAB Bank’s capital, which should have been made at the postponed EGM, wouldn’t have guaranteed the bank’s recapitalization. The last time an EGM decided to increase the bank’s equity (by UAH 1 bln in November 2013), eight months passed until the shareholders made their contribution (in July 2014).
Company — VAB Bank
  • Full name
    PJSC VAB Bank
  • Industry
    Banks