EBRD becomes shareholder of Azerbaijani processing center
Azerbaijan, Baku, June 8 / Trend N.Ismayilova /
The European Bank for Reconstruction and Development (EBRD) has officially joined the stockholders of the Azerbaijani Processing Center (LLC) Milli Kart, the center reported.
The Azerbaijani Taxes Ministry registered the new shareholder structure of Milli Kart and increase of the center's authorized capital from 4 million manat to 5 million June 7. Thus, the EBRD is the 19th participant in the center's capital.
The Bank has allocated $500,000 to acquire 10-percent-share in the capital of the processing center. Taking into account the proportion of payment by EBRD and other shareholders of the center, the authorized capital of the last will increase from the current four to five million manat.
Acting founders of Milli Kart intend to participate in the recapitalization of their package to avoid reduction in their share holding.
Eurobank has also provided technical assistance to the processing center worth $250,000.
Ltd. was established July 14, 2006 after 18 commercial banks redeemed a processing center of card payments from the Central Bank of Azerbaijan. At present, the minimum participation of banks in the capital center is one percent, and maximal - 10 percent.
The founders of the center are Atabank, Azerdemiryolbank, AzerTurkbank, Bank of Baku, Azerbaijan Senayye Bankasi, Debutbank, Amrahbank, Xalq Bank, Credo Bank, Access Bank, ParaBank, RabitaBank, Bank Respublika, Bank Standard, Texnika Bank, Turan Bank, UniBank and Zamin Bank.
The official exchange rate is 0.8038 manat to $1 June 8.
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