Globex Bank, the Russian-based bank with the private banking division, has unveiled plans to increase its share capital by RUB2.5 billion ($83.5 million), reports Prime-TASS, the Russian business news agency, citing the bank’s materials.

On 27 January, shareholders will consider the possibility of increasing the bank’s capital by issuing 50 million additional shares, with a price tag of RUB 50 each.

After share placing the bank’s capital might be increased by RUB2.5 billion. Shares will reportedly be placed by closed subscription.

According to the publication, all the shares of the additional issue will be placed between existing shareholders including VEB, the state-owned bank and AvtoVAZ, the Russian car manufacturer.

The bank’s capital is RUB10 billion as of 1 October 2009. VEB is the bank’s main shareholder with 98.94 per cent stake.

The bank could not be reached for comment by WealthBriefing at the time of publication.