Moldovan commercial bank FinComBank plans to more than double its equity capital, to 206.9 million lei ($16.8 million/12.5 million euro), to finance its growth, it said on Wednesday. The capital hike will be used to finance the technical modernisation of the bank and expansion of its branch network, the chief of FinComBank's marketing department Alexandr Bobarikin told SeeNews. He added that the capital will be raised through a new share issue, to be placed from June 28 to August 6. FinComBank will issue 380,000 new shares at a price of 300 lei each, Bobarikin said. The bank has share capital of 92.9 million lei now. FinComBank reported a net profit of 36.5 million lei in 2006, up 43%. Assets rose to 1.2 billion lei at the end of 2006 from 901.8 million lei a year earlier. FinComBank, established in 1993, had 13 branches and 22 representative offices in the country of four million people at the end of 2006. The bank had 61,376 clients in 2006 versus 41,846 a year earlier. Moldova has 15 commercial banks. (1 euro=16.5174 Moldovan lei)
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