Azerbaijan, Baku, July 20 / Trend, A. Akhundov /
Azerbaijan's State Committee for Securities (SCS) issued uncertified shares of JSC "Express Bank" worth 112.32 million manats, a SCS statement, released in its website on Thursday, says.
According to the statement, sale of the new shares will be conducted by conversion of 372.28 000 shares with a nominal value of 301.7 manats each to the same amount of shares with the nominal 273.2 manats. As the result, the authorized capital of the bank will increase by 10.43 percent - from 101.7 million manats to 112.3 million manats, that will exceed by 2.25 times the new regulatory capital requirement, introduced by the Central Bank of Azerbaijan (CBA) from January 2014.
The Central Bank ordered the banks operating in the country to bring the minimum capital to 50 million manats by the end of the year.
JSC "Express Bank" operated from 1989 to 2010 as JSC "Azerneqliyyatbank". In 2008, in accordance with the decision of General Meeting of Shareholders and new strategy, Azerneqliyyatbank began to implement a new policy, and as the result bank was renamed JSC "Express Bank".
Currently 6 branches of the bank operate in the country, six of them are located in the regions.