Black Sea Trade & Development Bank Meets to Consider Extension of its Capital

Business Materials 4 October 2007 17:00

Azerbaijan, Baku / Trend corr I. Khalilova / At the fifty-sixth meeting of the Committee of Directors of the Black Sea Trade & Development Bank (BSTDB) held in Istanbul on 29 September, the allocation of a credit in the sum of $10mln to an Azerbaijani private bank was approved. The duration of the credit is for five years, reported the Azerbaijani Deputy Economic Development Minister and Azerbaijani Director of the bank, Mikayil Jabbarov on 4 October.

The decision was also made to consider extending the bank's capital at an irregular meeting of the BSTDB. The meeting has been scheduled for the end of December. "Activities of the BSTDB surpass the expected forecasts and the credit portfolio of the bank ($600mln), therefore the issue on extension of the capital will be raised soon," Jabbarov said.

The administration of the BSTDB will put forward the suggestion for stockholder consideration, and Azerbaijan as a co-founder of the bank will also take part in the capitalization.

The announced authorized capital of the bank makes up SDR 1bln ($1.325bln), with 30% paid (SDR 300mln). The share of Azerbaijan is 2% (SDR 6mln).