Azerbaijani Rabitabank`s shareholders to discuss capital increase
Baku, Azerbaijan, March 28
By Emin Aliyev - Trend:
The shareholders of Azerbaijan`s Rabitabank will discuss additional emission of the bank's shares, the bank`s management statement posted on the local media reported on March 28.
General meeting of shareholders will be held on May 14.
The report notes that the agenda of the meeting also includes issues such as discussion of the report on the activities of the bank in 2013, reapproval of the audit committee of the bank and its report, approval of the report on the financial activities of "Rabitabank" in 2013 fiscal year, the bank's profits and losses, and other issues.
The bank increased its registered capital from 40 million to 50 million manat in summer of 2013.
In accordance with the decision of the Central Bank of Azerbaijan dated on July 25, 2012, the minimum total capital of operating banks increased from current 10 million manat to 50 million manat. The new requirement for the capitalization of banks entered into force from January 1, 2014, but later deadline for its implementation has been extended until January 1, 2015.
Rabitabank is a commercial bank that has operated since 1993 in Azerbaijan. In September 2010, Rabitabank signed an investment agreement with the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) in connection with their entry into the shareholding structure of the Azerbaijani bank.
Official exchange rate on March 28 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.