Azerbaijani AGBank increases its authorized capital

Business Materials 30 June 2009 18:34 (UTC +04:00)

Azerbaijan, Baku, June 30 / Trend N. Ismayilova /

Azerbaijani AGBank palns to increase its authorized capital by 20 percent, the first deputy chairman of the bank's board Tokay Alizadeh said.

"Presently, authorized capital of the bank hits 15 million manat. Shareholders consider opportunity of its increase by 20 percent," Alizadeh said.

Joint capital of the bank hits 30 million manat. As of May 1, 2009, assets of the bank hit 200 million manat.

AGBank was established in 1992 at constituent conference of organizations and enterprises of gas industry of the Republci and commercial structures. AGBank became participant of Baku's inter-bank currency stock exchange in 1993, participant of Azerbaijani trade-industrial chamber in 1996 and participant of Europay International in 1997.

On June 30, the official exchange rate is 0.8041 manat to $1.

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