Azerbaijan, Baku, Nov. 21 / Trend J. Nasibova /
At present, the results obtained in connection with the activity of the Azerbaijani Bank Technique, can be described as positive, Chairman of the Bank Technique Supervisory Board Rovshan Ismailov told Trend on Wednesday. After the management changed [in May 2012] and re-branding [in August 2012], the bank revalued its branches.
He said that this year was the most difficult period for the entire activity of Bank Technique. The bank was rebranded. All spheres of its activity were restructured. The situation has a positive trend despite the difficulties. Ismailov said that Bank Technique plans to focus on the retail market more than corporate in the near future.
"A decision was made at the general meeting to increase the bank's authorized capital to 80 million manat," he said. "Its formation must be completed till August 2013. According to the plans as of late 2012, the total capital must exceed 50 million manat."
The Azerbaijani Central Bank's new requirement on the minimum capital for existing banks, envisaging its increase by five times - up to 50 million manat, will take effect from January 1, 2014.
He added that according to Bank Technique's strategic objectives for 2013, the bank plans to increase its assets to 500 million manat, while maintaining the level of annual income in the range of at least 2 million manat.
Bank Technique [former name before rebranding Texnika Bank] has been operating on the banking market since 1993.
The official exchange rate is 0,7848 AZN/USD on Nov. 21.