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Azeri processing center to end capitalization in Q2 2009

Business Materials 9 January 2009 13:54 (UTC +04:00)

Azerbaijan, Baku, Jan. 9 / Trend , I.Khalilova/

The European Bank for Reconstruction and Development (EBRD) will become a founder of the Azeri Milli Kart Limited Liability Company (LLC) after the center undergoes an expert analysis.

Under the EBRD proposal, Azeri OMNI will conduct an examination of Milli Kart. The analysis will end by April, Executive Director Jalal Orujov told Trend on Jan. 9.

The EBRD signed a contract with Milli Kart to purchase 10 percent of the center's share capital.

"Although a deal with the EBRD was signed Dec. 30, payment for the shares will only be made after an international-standard audit and expert analysis are conducted," Orujov said.

Baker and Tilly will audit Milli Kart's activities in 2007 and 2008.

Eurobank will also join Milli Kart by increasing the organization's authorized capital in the second quarter of 2008. The capital will increase from 4 to 5 million manat, Orujov said.

Milli Kart's acting founders can partake in recapitalizing their shares. But the head of the center refused to specify the banks' plans.

Milli Kart was founded June 14, 2006 after 18 local business banks purchased the processing center from the National Bank of Azerbaijan.

The minimum possible number of bank shares in the center's capital is one percent and the maximum - 10 percent. Eighteen shareholders have a share in the center's 4-million-manat capital.

The center's founders are: Atabank, Azerdemiryolbank, AzerTurkbank, Bank of Baku, Azerbaijan Senayye Bankasi, Debutbank, Amrahbank, Khalg Bank, Credo Bank, Access Bank, ParaBank, RabitaBank, Bank Respublika, Bank Standard, Tekhnika Bank, Turan Bank, UniBank and Zamin Bank.

On Jan. 9, the official exchange rate is 0.8017 manat to $1.

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