Azerbaijan AccessBank refuses capitalization through investments of shareholders
Azerbaijan, Baku, September 26 / Trend , I.Khalilova /
Shareholders of Azerbaijani AccessBank decided to replenish its capital due to earned income, and today bank's total capital is $70 million, said bank's general manager Andrew Pospielovski. The authorized capital of the bank amounts to 20 million manat.
"We will not pay dividends to shareholders and at the expense of profit, significant growth of capital will be ensured, and therefore, we do not need to increase it though additional investment, as the bank's capital adequacy twice exceeds the regulatory requirement of the Central Bank," said Pospielovski.
Today the capital adequacy of AccessBank is about 24-25 percent under the norm of 12 percent.
AccessBank is owned by six international financial institutions: the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank (each with 20 percent), AccessHolding, acting in the field of microfinance as a strategic investor (16.5 percent) and the German consulting company LFS Financial Systems GmbH (3.5 percent).
Official rate on Sept. 26 is 0.8034 AZN/USD.
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