Azerbaijan, Baku, Feb.13 /Trend N.Ismayilova/
The International Finance Corporation (IFC) will complete the process of entering into the capital of the Azerbaijani Rabitabank in the next few months, a representative of the corporation in Azerbaijan Aliya Asimova told Trend on Monday.
"The negotiations with Rabitabank on technical issues is underway, however, we plan to complete this process no later than the first half of 2012," Azimov said.
Rabitabank signed an investment agreement with the IFC and EBRD on joining the shareholders of the Azerbaijani Bank in September 2010. These financial institutions bought shares equal to 25 percent plus a share, at 12.5 percent each. The total purchase price amounted to 4 million manat.
Recently Rabitabank updated the issue prospectus of unsecured interest-bearing book-entry shares in the result of which its volume increase from 5.41 million manat to 5.8 million manat. As a result of the placement Bank's authorized capital will increase to 25.166 million manat.
Rabitabank is a commercial bank that has operated in Azerbaijan since 1993. It has become the fourth bank in Azerbaijan, in which the IFC has acquired a stake.
Rabitabank has cooperated with the IFC and the EBRD since 1999. The controlling stake in the bank (86.1 percent) belongs to Supervisory Board Chairman Zakir Nuriyev.
Rabitabank became the fourth bank in Azerbaijan in which IFC will acquire an interest.
Official exchange rate on Feb.13 is 0.7863 AZN/USD