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Azerbaijani bank begins recapitalization process

Business Materials 25 August 2012 14:01
Unicapital OJSC applied to CJSC “Baku Stock Exchange”(BSE) for including “Expressbank” ordinary registered book-entry shares to the non-quotation list of BSE. The start of the OJSC Expressbank’s shares placement is planned to be held from August 28, 2012, BSE said today.
Azerbaijani bank begins recapitalization process

Azerbaijan, Baku, Aug. 25 / Trend A. Akhundov /

Unicapital OJSC applied to CJSC "Baku Stock Exchange"(BSE) for including "Expressbank" ordinary registered book-entry shares to the non-quotation list of BSE. The start of the OJSC Expressbank's shares placement is planned to be held from August 28, 2012, BSE said today.

The issue volume is 8.6 milion manat.

Quantity of shares is 31,479 with par value of 273.20 manat each.

"The bank appealed to include its shares to the BSE non-quotation list," a statement said.
As a result of placing the shares, the bank's authorized capital will be increased from 78.8 million manat to 87.4 million manat.

Expressbank operated from 1989 to 2010 as Azerneqliyyatbank. In 2008, in accordance with the decision of general meeting of shareholders and new strategy, Azerneqliyyatbank has launched a new brand policy renaming the bank into Expressbank. At present, there are 10 branches of the bank in the country, six of them are located in the regions.

The official exchange rate is 0.7854 AZN to $1 on Aug. 25.

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