National Bank of Azerbaijan Approves Renaming Micro Finance Bank of Azerbaijan

Business Materials 7 August 2008 19:53 (UTC +04:00)

Azerbaijan, Baku, 7 August / corr. Trend I.Khalilova / The National Bank of Azerbaijan (NBA) granted permission to rename Micro Finance Bank of Azerbaijan into AccessBank, Andrew Pospilovski, the general manager of the bank, said on 7 August.

"The reason of renaming is that the current name of the bank does not reflect all activity fields of the bank and a big stress was done on micro financing, Pospilovski said. The new name is more unique and reflects full spectrum of the bank's activity."

According to him, the activity fields of the bank include supporting both micro and small and medium business, account services, etc. However, the bank does not indent to function in the direction of mortgage lending.

Renaming the bank will not affect the structure of shareholders of the MFBA. They will keep their participation in the capital of the bank in line with the existing shares.

According to the general manager of the bank, the shareholders have completed the payment of the authorized capital, which was announced in amount of AZN 20mln.  Shareholder structure of the bank was formed as following: the European Bank for Reconstruction and Development - 20%, International Finance Cooperation - 20%, Black Sea Trade & Development Bank - 20%, KfW Development Bank - 20%, AccessHolding - 16.53%, and LFS Financial Systems GmbH German Company - 3.47%.

As a result of capitalization, the aggregate capital of the bank rose to AZN 38mln.

The NBA's normative demand for aggregate capital is determined in AZN 10mln level, and the norm of adequacy of the capital (correlation of capital to assets) is 12%.  At present the AMFB's norm of adequacy of the capital reaches 25%.

As of the end of July, the assets of the bank exceeded $210mln.

The exchange rate on 7 August is 0.8097 AZN/USD.

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