Azerbaijan, Baku, March 29 / Trend /
AccessBank increased its authorized capital by 21.8 million manat to 41.8 million manat, the bank reported.
Its authorized capital increased through the capitalization of retained earnings in previous years. The nominal value of shares increased from one to 2.09 manat. The total number of shares has not changed and remains at 20 million. The distribution of shares also remains unchanged. The European Bank for Reconstruction and Development, International Finance Corporation, KfW Development Bank and Black Sea Trade and Development Bank each hold 20 percent, Access Holding holds 16.53 percent, and LFS Financial Systems holds 3.47 percent. The adequacy of the bank's capital currently exceeds 25 percent, which is double the Central Bank of Azerbaijan's minimum requirement.
"The increase in authorized capital to over $50 million has created a solid foundation for the bank's further growth," the bank's General Manager Andrey Pospielovsky said.
AccessBank's mission is to help Azerbaijani families with low- and mid-level incomes to grow micro and small businesses. AccessBank is recognized as the most reliable bank in the country by Fitch international rating agency (Long-term IDR BB +, the individual rating D).
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