Azerbaijani Expressbank capital twice exceeds new standard
Azerbaijan, Baku, Feb. 9 / Trend /
Ordinary shares of Expressbank OJSC issued for a total of 14.300.107 manat, will be placed at Baku Stock Exchange (BSE) from February 13, a recently released BSE report said.
Some 52,343 shares with nominal value of 273.2 manat each were issued within the emission prospectus. Unicapital OJSC is the underwriter of share placement.
"The bank appealed for inclusion of its shares in BSE non-quotation list," the statement said.
As a result of placement of share emission, the bank's share capital will increase from 87.4 million to 101.7 million manat. Thus, Expressbank capital will twice exceed the regulatory requirement of the Central Bank of Azerbaijan as of January 1, 2014.
According to 2012 year results, the total capital of the bank amounted to 98.077 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 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 0,7848 AZN / USD on February 9.