Leading Azerbaijani Bank to Carry out IPO in European Stock Exchange

Business Materials 8 February 2008 15:33 (UTC +04:00)

Azerbaijan, Baku, 8 February / corr. Trend I. Khalilova/Leading Azerbaijani bank, UniBank, plans to carry out the initial public offering (IPO) of 25% of the shares of the bank in the London and Frankfurt stock exchanges to attract extra capital, Eldar Garibov, the chairman of the Supervisory Board of the bank said.

"Access to IPO is a strategic plan by the bank to take place early 2009 and late 2010. They are very prestigious exchanges and it is very important for us to attract a large number of potential investors," the head of the bank said.

According to Garibov, the issues are discussed in UniBank and the final decision has not been adopted yet, as these types of issues require a minimum of 1? years to be developed. The bank plans to raise the aggregate capital from the current AZN 60 mln to AZN 80 mln and then to AZN 150 mln in the future. The authorized capital stock of the bank totals to AZN 32 mln.

According to Garibov, the subordinate credits will be attracted to raise the capital of the bank.