Baku, Azerbaijan, Feb. 17
Trend:
AGBank OJSC shareholders will take a decision to increase the authorized capital by 100 million manats, the bank said Feb. 16.
This issue is included in the agenda of a general meeting of AGBank shareholders to be held on April 5, 2016.
According to Fitch Ratings agency, the bank's capital adequacy rate reduced from 9.7 percent (as of late November) to 0.9 percent as a result of the devaluation of the manats in late 2015.
A report of the board of the bank, as well as the audit committee's report will be delivered during the shareholders' meeting as of 2015.
The bank's financial indices, the staffs of the Supervisory Board and the Audit Committee are planned to be approved.
It has been recently announced that AGBank intends to merge with Bank Standard.
AGBank has been operating in Azerbaijan since 1992. Among the shareholders are the International Finance Corporation, Kazimir Partners company, as well as physical entities Chingiz Asadullayev and Farzulla Yusifov.