Baku, Azerbaijan, July 11
By Anvar Mammadov – Trend:
Stakeholders of Azerbaijan’s DemirBank decided to increase the bank’s total capital, the bank said in a message July 11.
The capital will be increased through transforming the bank’s external liabilities worth $105 million into Tier 1 capital, according to the message.
The bank’s recapitalization plan approved by the stakeholders has already been submitted to the Financial Market Supervisory Authority of Azerbaijan.
According to the plan, such international organizations as the European Bank for Reconstruction and Development (EBRD) (25 percent + 1 share), the Black Sea Trade and Development Bank (BSTDB), Germany’s DEG investment and development corporation, the Netherlands Development Finance Company (FMO) (10 percent), the Swiss responsAbility Investments AG, the OPEC Fund for International Development (OFID) and others will become the main stakeholders of Azerbaijan’s DemirBank.
DemirBank was created as one of the first commercial banks in Azerbaijan on October 6, 1989.