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Black Sea Bank to Increase its Capital.

Business Materials 16 November 2007 18:13 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / The Board of Directors of the Black Sea Bank for Trade and Development (BBTD) made a decision to discuss the increase of the bank's capital and distribution of vacant 3% of shares at the Managing Board, which is to meet in Thessaloniki on 1 December, Mikhail Jabbarov, the Azerbaijani Deputy Minister for Economic Development, and Azerbaijan's Director at the BBTD, said.

Some 30% or SDR 300mln has been paid out of the stock capital of BBTD in the amount of $1bln SDR ($1.325bln). Azerbaijan's share comprises 2% (SDR 6mln), which was fully remitted to BBTD's capital.

The BBTD's activities exceed all forecasts and credit portfolio of the bank attains $600mln.

Azerbaijani Government is also considering the possibility of acquiring 3% of vacant share at the bank. As a result Azerbaijan's participation share in the capital of the bank might increase to 5% from current 2%. This packet will be realized through the nominal.

A 3% vacancy in the stock capital of the bank appeared following the voluntary decrease of shares by three countries ( Armenia, Georgia and Moldova) by 50%. Now other member-countries should pay for their shares.

BBTD was established on 1 June 1999. Since its establishment the bank has financed 9 projects in Azerbaijan with total budget of $32,073,700. Credit line was opened for the International Bank of Azerbaijan, Bank Respublika, Texnika Bank, Azerremoryolbank, Kapital Bank, Unibank and Microfinancing bank of Azerbaijan .

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