Azerbaijan’s Unibank increases its capital
Unibank reports that the emission of shares has been registered with the state authorities and, in compliance with the current legislation, the bank has started to accept applications for the purchase of shares. The shareholders have reached an agreement in principle on the key parameters of a recapitalisation and will apply for internal approvals.
According to the agreement, it is planned to significantly increase the share of the participation of international financial institutions in the bank's capital. However, the controlling stake will remain in the hands of the local shareholders. According to the conditions of this emission, the shareholders of the bank have the preferential rights to buy the shares and all emission will be acquired by the current owners of the bank. The attraction of new shareholders is not planned.
Unibank is one of the biggest commercial bank of Azerbaijan. 76% of the bank’s shares belong to local shareholders and 24% of shares belong to international financial institutions: The European Bank for Reconstruction and Development (EBRD) and Deutsche investitions-und Entwicklungs gesellschaft MBH (DEG).