Azerbaijani bank doubles authorized capital
Azerbaijan, Baku, June 23 / Trend /
The shareholders of Azerbaijani Bank of Baku decided to double the authorized capital from 6.8 million manat to 12.852 million manat, the bank reported.
The bank increased the authorized capital by increasing the value of 3.4 million shares from 2 to 3.78 manat per share. In this regard, the State Securities Committee has registered the bank's shares June 10, 2010 and the new shares were taken into account by the National Depository Center June18.
"The significant increase in the share capital is an indicator of strong support for the bank from shareholders, as well as ensuring a high level of confidence of customers and investors. The increase in share capital has allowed Bank of Baku to take a moratorium on taxation of income directed to increase the authorized capital," the bank reported.
The bank's aggregate capital hit 32.424 million manat as of May 31, 2010, thus preserving the capital adequacy ratio at 18.92 percent (the minimum standard of capital adequacy under the requirements by the Central Bank of Azerbaijan is 12 percent).