Azerbaijan AccessBank ups authorized capital

Business Materials 15 March 2010 13:46 (UTC +04:00)

Azerbaijan, Baku, March 15 / Trend N.Ismayilova / 

The Azerbaijani State Securities Committee registered the ordinary registered uncertified shares of AccessBank in the amount of 41.8 million manat, the committee reported.

The placement of 20 million units of shares, each with a value of 2.09 manat, will be conducted through the conversion of 20 million shares with the face value of one manat. Thus, the bank's authorized capital increased from the current 20 million to 41.8 million manat.

AccessBank's mission is to provide access to financial services for Azerbaijan's low and middle income households and micro and small businesses.

AccessBank is recognized as the most reliable bank in Azerbaijan by the international rating agency Fitch (BB+) and is 100-percent foreign owned by six international financial institutions, including the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank of the German Government (20-percent share each), AccessHolding (16.5 percent), and the German consulting company LFS Financial Systems GmbH (3.5 percent).

On March 15, the official exchange rate is 0.8033 manat to $1.