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Azerbaijani Rabitabank increases its capital by $3.5 million

Business Materials 24 November 2013 12:55 (UTC +04:00)
Azerbaijani Rabitabank has completed the placement of emission worth 2.72 million manats, a message of the bank’s Management Board said on Nov. 23.

Baku, Azerbaijan, Nov. 24

By Abbas Akhundov - Trend: Azerbaijani Rabitabank has completed the placement of emission worth 2.72 million manats (approx. $3.5 million), a message of the bank's Management Board said on Nov. 23.

Thus, the Rabitabank's authorized capital increased to 42.72 million manats, and the total capital exceeds 50 million manats.

Placement of 134,100 ordinary non-documentary nominal shares at par value of 20.29 manats started from June 18, 2012 and ended on May 1, 2013. The bank's shares can be purchased through brokers at the Baku Stock Exchange.

According to the Rabitabank's financial development plan for 2013-2017, it is planned to increase the capitalization to 57.3 million manats by late 2013. The bank also plans to increase capital over 100 million manats by 2017.

Rabitabank has been operating in Azerbaijan's banking market since 1993. The chairman of its supervisory board, Zakir Nuriyev is the bank's major shareholder.

Official exchange rate for Nov. 24 is 0.7843 AZN/USD.

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