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Deal on foreign shareholders' joining Azerbaijani bank comes to end

Business Materials 25 July 2011 18:29
The Azerbaijani State Securities Committee has registered the issue prospectus of Rabitabank's ordinary registered shares to the amount of 3.37 million manat, the State Committee said.
Deal on foreign shareholders' joining Azerbaijani bank comes to end

Azerbaijan, Baku, July 25 / Trend N. Ismayilova /

The Azerbaijani State Securities Committee has registered the issue prospectus of Rabitabank's ordinary registered shares to the amount of 3.37 million manat, the State Committee said.

About 165,988 shares were issued at par value of each - 20.29 manat. As a result, the bank's authorized capital will increase up to 19.37 million manat.

The issue of shares was announced in connection with the entry of the International Finance Corporation (IFC) and EBRD into the number of shareholders.

In September 2010, Rabitabank signed an investment agreement with the International Finance Corporation (IFC) and EBRD to join the stockholders of the Azerbaijani bank. These financial institutions have purchased shares equal to 25 percent +1 share, on 12.5 percent each. The total purchase price was 4 million manat.

Rabitabank is a commercial bank that has operated in Azerbaijan since 1993. Rabitabank has become the fourth bank in Azerbaijan, in which IFC will acquire stake.

Rabitabank has cooperated with IFC and EBRD since 1999. Controlling stake in the bank (86.1 percent) still belongs to the Chairman of the Supervisory Board Rabitabank Zakir Nuriyev.

The official exchange rate is 0.7865 manat to $1.

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