MKB Romexterra hikes capital to repay debt

MKB Romexterra Bank said the board approved a 97.9 million raise in new equity to 292.35 million lei by issuing new shares at 2.8 lei each to swap the 47 million lei and €7.5 million debt in subordinated loan to its parent company for equity share capital.
The shareholders of the bank decided on December 30, 2009 meeting to raise Romexterra Bank capital by 97.911 million lei, or 50% from 194.44 million lei to 292.35 million lei by issuing new shares.

The bank will issue 34.97 million shares at 2.8 lei each.

The decision was approved by the shareholders that hold an aggregate stake of 99.11%.

The bank also decided to swap the debt to its parent company MKB Bank Zrt of 47 million lei and €7.5 million into equity. The €7.5 million debt is equivalent to 33.75 million lei calculated at an exchange rate of 4.5 lei/euro, “which will be updated to NBR reference rate on the subscription date”.

MKB Romexterra Bank’s debt to parent company is a subordinated loan from August 27, 2007.

Also, the bank said it wouldn’t extend the executive VP, Magdalena Manea’s term which expired on November 2009.

The board of the bank has thus appointed Leonard Sandu as executive retail VP and Florian Kubinski executive financial and operations VP.

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