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IFC and ADB become Azerigazbank shareholders - Chingiz Asadullayev

Politics Materials 11 April 2006 15:20
IFC and ADB become Azerigazbank shareholders - Chingiz Asadullayev

Azerigazbank shareholders have decided to sell assets in parts to international financial institutions, the chairman of bank` s Observational Council, Chingiz Asadullayev told Trend . He has announced that the International Financial Corporation and the Asian Development Bank will soon became bank` s shareholders.

20% of assets in the founding capital are expected to be sold, according to the strategic plan prepared by the bank together

with the Azerbaijan banking educational center. After entering IFC this number is expected to grow. IFC has expressed the interest to take 17, 5% share ($2,3m). This decision will be approved by the board of directors on April 30.

The current founding capital of the bank is 7, 4 million AZM and the total capital is 9 million AZM. The founding capital is expected to grow till 12 million AZM by the end of the year. And the revenue will be doubled according to the budget till $4m.

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