On a regular shareholders' meeting held 12 March 2007 the shareholders of Corporate Commercial Bank AD voted the bank's capital increase from 50 to 60 mln lv through IPO and registering status as a public company, a bank representative reported for Profit.bg.

After hearing the activity report, a decision has been taken that the whole profit of 6.543 mln lv after taxes be listed in the Reserve fund of the bank.

The IPO will be managed by United Bulgarian Bank AD.

Eight days later at another meeting the bank's Board of directors agreed to all conditions about the organization of the IPO, planned to be carried out through an auction at UBB AD.

The chairman of the bank's Supervising Committee Tzvetan Vasilev announced, that the planned capital increase and acquiring of public company status will sharpen the competitiveness and prestige of one of the most dynamic and consistently developing bank institutions on the Bulgarian market .

During last year the amount of its assets has grown 92 % reaching 1.006 bln lv. The increase of the means attracted from companies and citizens has almost doubled to 95.1 % up to 884.21 mln lv.

The capital increase will allow the management to achieve all higher goals, marked as priorities in the development plan of Corporate Commercial Bank AD for the period 2007-2009 .

All details about the emission value, minimum and maximum price, at which the investors will be able to acquire shares from the capital increase of the bank, as well as minutes about the organization of the auction will be announced after a confirmation of the bank's prospectus received from the Commission for Financial Supervision.

The realistic time for carrying out the IPO is mid March.

Also read: First Investment Bank plans an IPO