Central Cooperative Bank's Capital Increase Registered With Central Depository

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Central Cooperative Bank's Capital Increase Registered With Central Depository

The capital increase of Central Cooperative Bank has been registered with Central Depository, the institution's monthly bulletin revealed.

The bank increased capital from 72.76 mln leva (37.20 mln euros) to 83.155 mln leva (42.516 mln euros), thus gaining some 74.839 mln leva (38.264 mln euros).

According to the prospectus, the funds will be invested in acquisition of assets in four main areas.

First of all, the money will be used to fund the development of the retail banking sector, in crediting small and medium enterprises. In addition, part of the funds will also be invested in the development of other services and in improving capital adequacy.

The bank plans to continue the expansion of its activity in the areas of mortgage and consumer crediting.

CB Central Cooperative Bank posted profit in the amount of 18.525 mln leva (9.471 mln euros) in Jan – Sept 2007, versus 8.53 mln leva (4.361 mln euros) a year ago.

There were 7,016 transactions with the bank's stock this year, in which a total of 20,099 shares changed hands. The annual turnover on the position came to 168.679 mln leva (86.244 mln euros).

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