ShoreCap II Ltd. investment fund becomes Azerbaijani TuranBank’s shareholder

Photo: ShoreCap II Ltd. investment fund becomes Azerbaijani TuranBank’s shareholder / Business News

Baku, Azerbaijan, Jan. 12
Trend:

ShoreCap II Ltd. investment fund, managed by Equator Capital Partners LLC in the U.S, became a shareholder of Azerbaijani TuranBank by acquiring 3,028 of 3,697 units of ordinary registered shares of the bank with a total cost of 4.154 million manat through the Baku Stock Exchange, the bank said on Saturday.

"Attracting foreign investment capital has been one of the main goals of TuranBank's strategic plan for 2012-2015," according to the report. "ShoreCap II Ltd. became a shareholder of the bank following the talks with several international companies."

ShoreCap II Ltd's main activity is to invest in banks, microfinance institutions and non-banking financial institutions in developing countries in Asia and Africa.

After the last issue of shares, TuranBank increased its share capital by 10 percent. An increase in the authorized capital of the bank is directed to fulfill the requirement of the Central Bank of Azerbaijan dated July 25, 2012 about bringing the minimum level of a total capital of banks up to 50 million manat. After the issuance of shares, a total capital as of late 2013 amounted to 50.7 million manat, which comply with this requirement.

TuranBank offers customers the consumer, business, lombard, car loans, mortgages under favorable conditions. The bank reduced the annual interest rates on their credit products "Small consumer loans", loans for teachers, military personnel and pensioners by nine percent to meet the daily needs of its clients. Thereafter, one can get the above-mentioned loans at a rate of 20 percent per annum, without a warrantor and an income certificate at any branch of the bank.

A wide range of bank deposits, offered as part of "Sirler Xezinesi" campaign, is characterized by high yield.

The payment cards of MasterCard international system, proposed by TuranBank, differ by their competitiveness. Through these cards, one can connect to SMS-notification, Card to Card, Mobil banking, Cash by Code services and etc. Moreover, customers can order a bank card with an individual design free of charge.

The bank serves its customers through an extensive network of money transfer systems, such as Western Union, Xpress Money, Contact, Migom, Gold Crown, Privat Money, Blizko, IBA-Express, Leader and Monex.

At present, there are 14 sales points (seven of which are located in Ganja, Sumgait, Tovuz, Zagatala, Agstafa, Khachmaz and Qazakh) and 19 currency exchange offices.

For more information about TuranBank's products and services, please visit www.turanbank.az, https://www.facebook.com/TuranBankASC, or the Bank Information Center via 935.

TuranBank was established in 1992. Currently, TuranBank has 28 shareholders, of which six - legal entities (29.1 percent) and 22 - physical entities (70.9 percent).

The official exchange rate is 0.7844 AZN/USD on Jan. 12.

Translated by NH

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