Azerbaijan, Baku, Feb. 17 / Trend , N.Ismayilova/
Azfinansbank plans to increase its capital 5-fold in a year, Supervisory Board Chairman Khayal Mammadkhanli said.
"The management's decision to increase the bank's capital is natural as Azfinansbank launched its activities only recently. The bank's capital and assets are expected to increase 5-10 times this year," he said.
Deposits, profit and investments will provide for the increase in funds.
The National Bank of Azerbaijan (NBA) granted permission to Azfinansbank last December to conduct banking activities.
The bank was created with an authorized capital of 10 million manat.
Azfinansbank became the second commercial bank with a banking license issued in 2008. In August, permission was granted to Nakhchivanbank with a capital of 10 million manat.
On Feb. 17, the official exchange rate is 0.8063 manat to $1.
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