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BRIEF-Poland's mBank to pave way for capital hike
March 29, 2017 / 2:59 PM / 8 months ago

BRIEF-Poland's mBank to pave way for capital hike

March 29 (Reuters) - mBank SA

* The Polish unit of Germany’s Commerzbank, mBank, says it plans to authorise the board to increase the bank’s capital by up to 35 percent via one or more share issues over the next three years to cope with, among other things, regulatory requirements

* “The Management Board shall be authorized to increase the share capital of the Bank by the amount not higher than PLN 60,000,000 by way of single or repeated share capital increase,” mBank says on Wednesday in draft motions for a shareholders’ meeting due Thursday

* “Introducing a flexible mechanism that allows increasing the Bank’s share capital is particularly justified when the regulatory requirements change quickly and the supervisory authorities issue recommendations on capital requirements for banks,” mBank says

* Supervisory board to decide each time whether to deprive existing shareholders of preemptive rights in share issues

* “... passing a resolution on share capital increase ... with the possibility for the Management Board to exclude the pre-emptive right of the existing shareholders of mBank in whole or in part, is fully justified and is in the best interest of the Bank and its shareholders,” mBank says

* At the end of 2016, the bank’s nominal share capital stood at 169 million zlotys, with nominal share price at 4 zlotys each

* Market price of mBank shares at 390.95 zlotys at Wednesday close Source text for Eikon: Further company coverage: (Reporting by Marcin Goettig)

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