The Board of Governors of the Bank for Trade and Development of the Black Sea (BSTDB) decided, at its extraordinary meeting on October 1, to increase the Bank's subscribed capital from EUR 2.29 bln to 3.10 bln.

The new subscription takes place after the increase of the authorized capital of BSTDB approved in 2007 and after the first round of subscriptions decided in 2008 and completed in 2018.

The subscription covers 70% of the authorized but unsubscribed capital, while 10% of the total authorized capital of BSTDB, of EUR 3.45 bln, will remain available to new potential shareholders.

The newly subscribed capital will be in proportion of 30% paid-in capital and 70% unpaid capital, in accordance with the current structure of the Bank's capital.

As a result of the new subscription, the Bank will receive an additional capital of EUR 245 mln, thus increasing its paid-up capital held to EUR 931.5 mln.

The increase in subscribed capital will enable the BSTDB to meet the strategic objectives set out in the long-term strategy (2021-2030), to support the economic development and regional cooperation of the Member States and to strengthen its crisis response capacity, increasing and at the same time relevance to shareholders.

andrei@romania-insider.com

(Photo source: the company)