Azerbaijan’s new bank to up authorized capital by 10 times

Business Materials 2 April 2009 17:01 (UTC +04:00)

Azerbaijan, Baku, April 2 / Trend , N.Ismayilova, U.Ismayilova/

Azerbaijani Azfinansbank will increase amount of assets to 50-70 million manat by late 2009, the bank's Supervisory Board Chairman Khayal Mammadkhanli said on April 2.

"While forecasting, we did not take the global financial crisis into account, but it was regarded in the bank's strategy," Mammadkhanli said. "Therefore, assets will reach 50-70 million manat."

Maximum expected level of the assets is 100 million manats by late 2009, he said.

"The bank's deposit portfolio should make up 50 million manat by late 2009," Mammadkhanli said. "This figure is insignificant at the moment, because the bank has not fully launched its activity yet."

Besides, Azfinansbank is also going to up its authorized capital by 5-10 times. It is planned to direct income and founders' own deposits to increasing the authorized capital.

The National Bank of Azerbaijan (NBA) issued a license to Azfinansbank to launch banking activity. Azfinansbank was the country's second business bank which was licensed in 2008. The new bank was formed with the authorized capital worth 10 million manat.

On April 2, the official exchange rate is 0.8029 manat to $1.

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