Another Azerbaijani bank reacts to increase in minimum capital requirement
Azerbaijan, Baku, Nov. 21 / Trend A. Akhundov /
Azerbaijani Gencebank increases its authorized capital up to the new minimum regulatory requirement, which will take effect from January 2014, the Azerbaijani State Securities Committee said on Tuesday.
The State Securities Committee has registered the issue prospectus of ordinary shares of the bank to the amount of 35 million manat.
The prospectus includes 1.75 million shares with a par value of 20 manat each.
Uni Capital is the underwriter of the deal.
As a result of the issue placement, the bank's authorized capital will be increased from current 15 million manat to 50 million manat.
According to CBA Board decision as of July 25, the requirement to the minimum total capital of existing banks and the capital of newly established banks increased from current 10 million manat to 50 million manat. The new regulation for the minimum total capital of existing banks will take effect on January 1, 2014.
The official exchange rate 0,7848 AZN/USD on Nov. 21.