Azerbaijani bank intends to double authorized capital
Azerbaijan, Baku, Oct.4 / Trend N. Ismayilova /
Azerbaijani Bank of Baku intends to double the authorized capital, directing all profits received as a result of 2010 to the capitalization, Bank of Baku board chairman Jalal Gasimov said today.
"The profit as a result of 2009, the bank has directed to the capitalization and in 2010 will do the same. In 2009, the bank's authorized capital was increased by 80-90 percent, this year we expect even greater growth," Gasimov said.
According to him, last year the bank's authorized capital was increased to 6.8 million manat, this year it is planned to increase it by approximately 12-13 million manat.
Gasimov said the bank is not considering foreign investors' joining the shareholders.
At present the bank's authorized capital amounts to 12,852 million manat.
Established in 2005 as a result of the merger between two local private banks, Bank of Baku is one of the top ten banks in Azerbaijan.
At present, the bank has five shareholders - three legal and two physical entities.
Oct.4, official exchange rate is 0.8024 manat to $1.