Probusinessbank to approve issuance of new shares to East Capital Financials Fund

The board of directors of Probusinessbank recommended to the Bank’s General Shareholders Meeting to issue new shares in favour of Swedish investment fund East Capital Financials Fund up to a maximum amount of 1,2 billion roubles. The ordinary meeting of shareholders at which the decision on the forthcoming issue will be made takes place on July 17th. East Capital Financials Fund currently owns a 10,25 % stake in Probusinessbank.

According to Jyrki Talvitie, the Head of Moscow office of East Capital, the company is very satisfied with the rapid development of Probusinessbank, especially given the current backdrop of persistent instability in the financial markets. "The bank has shown the ability to expand its business in new regions, resulting in growth of the client base. To support the bank’s continued growth we are pleased to participate in the new issue of shares, increasing our stake in the capital of Probusinessbank", – summarized Jyrki Talvitie.

Sergey Leontiev, the President of the Financial Group Life: "We are very glad to see East Capital again as our business partner. They are a long-term investor into the Group Life, and we have developed a solid business relationship. That fact that East Capital is ready to support our Group in the realization of our strategy in an unstable market environment is strong confirmation of our chosen development path and the basis for further mutually beneficial cooperation".

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