Azerbaijani NBC Bank launches recapitalization

Photo: Azerbaijani NBC Bank launches recapitalization
 / Economy news

Baku, Azerbaijan, Aug. 18

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The start of the NBC Bank OJSC ordinary registered book-entry shares placement at Baku Stock Exchange CJSC (BSE) is planned to be held beginning from August 21, 2014.

The issue volume is 10,000,023.6 AZN.

BSE said Aug. 18 that 41,051 shares at par value of 243.60 AZN each will be issued as part of the emission.

Last date for placement is February 17, 2015

The placement underwriter is the Tekhnica Capital Management LLC.

Following the emission placement, the bank's authorized capital will increase to 56.5 million AZN, or 21,5 percent more compared to early July 2014, while the total capital will increase to 59.2 AZN.

NBC Bank believes that by year-end its capital will be at least 50 million AZN, which meets the minimum requirements of Azerbaijani Central Bank.

NBC Bank was established in December 1992. Its founder is the Nurgun Group.

The official exchange rate for August 18 is 0.7842 AZN/USD.

Edited by CN

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