IMB Group Invests $53MM Equity to International Mortgage Bank
Kyiv, August 30, 2007. IMB Group Public Ltd, Ukraine’s leading pure-play consumer lender, announced today that it has increased the chartered capital of its major subsidiary – International Mortgage Bank ("IMB") by US$ 53 MM. The respective amendments to the bank's Charter were made through an Extraordinary General Shareholders' Meeting held August 29, 2007. After the increase, IMB equity will exceed US$ 75 MM.
The IMB capital increase is a logical step after IMB Group's recent $100 MM equity increase. IMB Group also plans to invest US$19.8 MM to IMB through subordinated debt as a contribution to its Tier II capital and to buy back existing 3rd party subordinated debt. The remaining amount will be spent for regional expansion, potential mortgage securitization and group working capital needs.
About IMB Group Public Ltd.: IMB Group Public Ltd. is Ukraine’s leading pure-play consumer lending platform, offering mortgages, POS loans, and deposits. IMB Group owns 100% stakes in International Mortgage Bank (IMB) and Family Credit, a consumer lending intermediary. IMB Group is backed by Horizon Capital, Ukraine’s leading private equity fund manager, and leading global private equity firms Warburg Pincus with over $20bn under management, and East Capital with over $5bn under management.
31.08.2007
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