Azerbaijan Increasing its Share in BBTD Capital

Business Materials 24 September 2008 18:29 (UTC +04:00)

Azerbaijan, Baku, 24 September / corr Trend N.Ismayilova / "A decision about distribution of the vacant shares and additional capitalization of the Black Sea Bank of Trade and Development (BBTD) will be taken at the 11th annual session of the Council of Managers of the bank in Istanbul on 5 October," the BBTD Director from Azerbaijan, the deputy minister of economical development Mikail Jabbarov, said. The BBTD Board of Directors will meet on 4 October.

Azerbaijan claims to purchase of 3% of shares, not distributed in the capital of the bank.  

"We hope this process will finish at the forthcoming meeting and the share of Azerbaijan in the authorized capital stock of BBTD will officially increase from current 2% up to 5%, Jabbarov said. The Azerbaijan government has already finished all procedures for increase of stake, and the head of state has issued the relevant decree in this respect."

Turkey, Russia and Greece each hold 16.5% stake in the bank's capital, Bulgaria, Romania and Ukraine 13.5% each, Azerbaijan and Albania 2% each, Georgia, Moldova and Armenia - 1% each.

Presently, the announced capital of the bank is 1bln SDR and about 300 mln SDR has been repaid. The bank has already taken the decision about double increase of its capital starting from 2008. The Azerbaijan government has not yet taken the final decision about its participation in capitalization of the bank.

At present Azerbaijan paid 6 mln SDR into the capita of BSBTD.

The manager in the Black Sea bank from Azerbaijan is the minister of economical development Heydar Babayev, and his deputy is Finances Minister Samir Sharifov.

The Black Sea Bank of Trade and Development functions since 1 June 1999.

On 23 September the official rate of AZN was 0,8076 AZN per USD

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