December 23 (SeeNews) - North Macedonia's Securities and Exchange Commission (SEC) said on Friday it gave the green light to local lender Silk Road Bank to increase its capital by 61.7 million denars ($1.1 million/1 million euro).
Silk Road Bank will issue 1,709 ordinary shares, with a nominal value of 36,111 denars, at a price of 36,111 denars per share, the SEC said in a statement.
The lender's sole owner, Switzerland-based Silk Road Capital, will buy the newly issued shares by transforming part of a loan to Skopje-based Silk Road into capital.
Silk Road Bank was established in 1993 under the name Credit Bank. The lender was acquired by Greece's Alpha Bank in 2000, and renamed to Alpha Bank Skopje. In 2016, Swiss investor Silk Road Capital acquired the lender from Greece's Alpha Bank, and renamed it to Silk Road Bank.
(1 euro = 61.64 denars)