Azerbaijan's largest bank starts increasing its authorized capital

Photo: Azerbaijan's largest bank starts increasing its authorized capital / Business News

Baku, Azerbaijan, Dec. 5

By Emin Aliyev - Trend:

İnternational Bank of Azerbaijan (IBA) has applied to the Baku Stock Exchange (BSE) requesting its ordinary registered documentary shares be added to the BSE non-quotation list.

IBA plans to place its shares on the exchange starting Dec.12, 2013.

There are 769,230,775 shares with par value of 0.26 manat.

İnternational Transaction System LLC is the underwriter.

IBA shareholders have adopted the share capital increase concept by 500 million manat for four years. The bank's authorized capital was initially increased by 200 million manat. In the future, the bank plans to increase IBA capitalization by 100 million manat annually.

IBA was founded in January 1992. The IBA is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private physical and legal entities. IBA authorized capital is 368 million manat.

The official exchange rate is 0.7843 AZN/USD on Dec. 5.

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