Azerbaijani AFB Bank increases capital by 20%

Business Materials 18 February 2014 20:23

Baku, Azerbaijan, Feb. 18

By Abbas Akhundov - Trend:

State Committee for Securities has registered the issue prospectus of Azerbaijani AFB Bank's ordinary non-documentary nominal shares worth ten million manats, according to a message from the committee.

Within the emission, 9020 shares at par value of 1,109 manats will be issued.

Thus, the bank's authorized capital will increase to 59.72 million manats, which exceeds Azerbaijani Central Bank's new requirement for the minimum total capital [50 million manat] of the banks for late 2014.

AFB Bank received a license to conduct banking activities from the CBA in December 2008.

Officially the bank began operations in February 2009. Its shareholders are two individuals (0.8 percent) and Gilan LLC (99.2 percent).

The official exchange rate for February 18 is 0.7844 AZN/USD.

Translated by E.A.

Edited by C.N.