...

Azerbaijani Unibank doubles authorized capital

Business Materials 11 June 2009 17:55 (UTC +04:00)

Azerbaijan, Baku, June 11 / Trend /  

The authorised capital of Unibank Commercial Bank OJSC has been doubled. It totals 30 million manat at present.

On June 5, the State Securities Committee of Azerbaijan registered the report of Unibank that contained the summary on the additionally issued shares worth 15 million manat.

The placement of the largest share issue since the beginning of Unibank's operations was completed at the end of May. Unibank had issued 7.5 million ordinary nominal paperless shares with the apiece par value equaling 2 million manat. The structure of the share capital of Unibank did not undergo substantial changes consequent to the issue because the shares were bought up by the existing Shareholders including the European Bank for Reconstruction and Development and the German investment group DEG.

"This large increase in the authorized capital is a reasonable step in the context of the strategic development plan of the bank," said Faig Huseynov, Chairman of the Unibank Board of Directors.

He said doubling of the authorized capital in such a short period testifies to stability and reliability of Unibank as well as the guarantee that all the deposits in Unibank will stay intact.

"This move will let us carry into life our plan to expand into the provinces as well as improve the product range and ensure the solid presence of the bank among the leaders of the national banking service market," he said.

Huseynov said narrowing the gap between the authorized capital and the hefty owned assets Unibank will be able to launch financial operations on a much larger scale through increasing the per-borrower credit limit and raising additional funds on beneficial conditions.

The share issue prospectus of Unibank was registered with the State Securities Committee of the Azerbaijan Republic (No. AZ100100202P) on March 30, 2009. Unicapital OJSC was the underwriter for the issue, the beginning of the placement of which was announced on April 17 and the open-spot trade in the Baku Stock Exchange was completed in the record 22 days in May. The additional share issue was sanctioned by the extraordinary GMS of Unibank following the proposal of the Board of Directors.

On June 11, the official exchange rate is 0. 8039 manat to $1.  

Latest

Latest