Azerbaijan, Baku, Aug. 13 / Trend /
The Azerbaijani State Securities Committee registered DemirBank's request to emit 1 million manat in ordinary registered stock this morning.
The bank can issue 5 million shares with a par value of 0.2 manats per share.
The bank's authorized capital is 19 million manat. Its aggregate capital exceeds 47 million manat.
DemirBank (formerly Azerdemiryolbank) has operated in Azerbaijan since October 1989. Its shareholders include large international financial institutions, such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company.
The international rating agency Planet Rating assigned DemirBank a "B+" rating with a "positive" forecast. Under the categories "corporate governance," "risk management," "efficiency and profitability" and "business and information," DemirBank was assigned a "B" rating. The bank was also the first in Azerbaijan to receive an "A" rating "funding and liquidity."
Fitch also reconfirmed DemirBank's 'B-' rating with a stable outlook in 2009.