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Azerbaijani AccessBank ups share capital by 25 percent

Business Materials 15 March 2012 14:53 (UTC +04:00)
On Thursday AccessBank announced that it has increased its share capital by 17.2 million manat ($21.8 million) to 85 million manat ($108 million), the company’s press release says on Thursday.
Azerbaijani AccessBank ups share capital by 25 percent

Azerbaijan, Baku, March 15 / Trend /

On Thursday AccessBank announced that it has increased its share capital by 17.2 million manat ($21.8 million) to 85 million manat ($108 million), the company's press release says on Thursday.

This represents a 25.3-percent increase on the previous share capital of 67.8 million manat.

The capital increase was executed through the capitalisation of 2011 retained earnings and by an increase in the nominal value of the shares of 0.86 manat, from 3.39 manat to 4.25 manat. There was no change in the total number of shares, which remains at twenty-million, or in the distribution of the shares with the European Bank of Reconstruction and Development (EBRD), the International Finance Corporation, KFW Development Bank, and Black Sea Trade and Development Bank (BSTDB) each retaining 20 percent of the shares, AccessHolding with 16.53 percent and LFS with 3.47 percent.

The capital increase ensures strong capital adequacy for future growth of the bank - currently the total capital adequacy of the bank is over 25 percent, or more than twice the minimum requirement of the Central Bank of Azerbaijan. The registration of the capital increase by the State Securities Committee has already been completed.

"The increase of the share capital to AZN 85 million further strengthens the foundation of the Bank for future growth and demonstrates the commitment of the shareholders to the bank and our mission of developing micro and small business, diversifying the economy, creating jobs and eliminating poverty," AccessBank General Manager Andrew Pospielovsky said.

AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households. AccessBank is recognised as the most reliable bank in Azerbaijan by Fitch International Ratings ('BB+ Outlook Stable'), and as "The best bank of Azerbaijan" by Global Finance (2011) and Euromoney (2010 & 2011) in their annual awards as well as "The Bank of the Year" by The Banker (2011).

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