Investbank Increases Capital To 70 Mln Leva, To IPO In 2008

Investbank Increases Capital To 70 Mln Leva, To IPO In 2008

Shareholders in CB Investbank approved a capital increase from 62.047 mln leva (31.724 mln euros) to 70 mln leva (35.790 mln euros), Vladimir Vladimirov, the bank's executive director told

“We are currently working on our prospectus, and we expect to IPO at the beginning of 2008,” Vladimirov added.

In his words the listing will follow another capital increase when 10-15% of the capital will be offered to investors.

On September 30, the bank posted profit in the amount of 9.2 bln leva (4.703 bln euros), and assets stand at 1.02 bln leva (521.517 mln euros).

On the question of whether a price range for the forthcoming IPO has been discussed Vladimirov said a few variants have been considered. “We must take into account that the only banks which have IPOed so far are First Investment Bank and Corporate Commercial Bank.”

Festa Holding controls 86.84% of the capital and Vinkom has 11.83%.

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