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CIB Bank to raise capital by HUF 40 bln

Parent bank Intesa Sanpaolo SpA will raise the registered capital of Hungary's CIB Bank by HUF 40 billion to HUF 145 billion, through a private placement of ordinary shares, the AGM resolutions published on Thursday reveal.

CIB Bank had Hungarian Accounting Standards (HAS) after-tax losses of HUF 15.2 billion and IFRS consolidated after-tax losses of HUF 23.5 billion in 2010.

The bank will pay no dividends.

CIB Bank closed year 2009 with HAS after-tax profit of HUF 4.5 billion and IFRS consolidated after-tax profit of HUF 4.7 billion, both well below the profit of the previous year.

IFRS consolidated assets fell 9.5% to HUF 2,495 billion at the end of 2010, of which shareholders' equity fell 9.1% to HUF 241 billion.