Azerbaijani bank increases capital by over 20 percent

Azerbaijan, Baku, June 1 / Trend A.Akhundov /

The State Securities Committee (SSC) of Azerbaijan registered the issue prospectus of ordinary registered book-entry shares of Rabitabank in the amount of 2.72 million manat, the Baku Stock Exchange (BSE) said on Friday.

Some 134,100 shares, 20.29 manat par value, were issued. Underwriter is Celsi Kapital LLC.

Thus, the bank's authorised capital will be increased from 13.47 million to 16.19 million manat.

Rabitabank is a commercial bank that has operated since 1993 in Azerbaijan. In September 2010 Rabitabank signed an investment agreement with the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) in connection with their entry into the shareholding structure of the Azerbaijani bank.

These financial institutions bought shares equal to 25 percent plus a share -12.5 percent each. The total purchase price amounted to four million manat. Controlling stake in the bank (86.1 percent) before this the deal was owned by Chairman of the Rabitabank Supervisory Board Zakir Nuriyev.

The official exchange rate is 0.7857 AZN to $1 on June 1.

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