October 15, 2015 / 3:10 PM / 2 years ago

Russia's B&N Bank to increase capital by issuing additional shares

MOSCOW, Oct 15 (Reuters) - Russia's B&N Bank said on Thursday it would issue additional shares in 2016 to increase its capital by 10 billion roubles ($160.7 million).

B&N added in a statement that as a result of the additional share offering, it was planned that the bank's founder Mikhail Gutseriyev would gain a controlling stake.

Gutseriyev is already a major shareholder in B&N Bank and also controls privately owned oil producer Russneft.

B&N Bank has emerged as a big winner from Russia's economic crisis and is a major beneficiary of a government bank recapitalisation plan launched late last year.

It is now one of Russia's top 20 banks by assets.

"We are focused on intensive business growth, including by acquiring other players," the bank's statement cited co-owner Mihkail Shishkanov as saying.

"We will continue to smoothly increase the capital of B&N Bank, at the moment our reference point is 100 billion roubles."

As of Oct. 1, B&N had capital of 52 billion roubles, the bank said. ($1 = 62.2275 roubles) (Reporting by Alexander Winning; Editing by Dale Hudson)

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