Russia’s VTB Bank eyes to increase capital of its subsidiary in Azerbaijan
Baku, Azerbaijan, Jan. 24
By Azad Hasanli – Trend:
Russia’s VTB Bank plans to increase the authorized capital of the bank’s subsidiary in Azerbaijan by 265 million manats in the first quarter of 2018, the bank said in a message Jan. 24.
Earlier, it was reported that the Supervisory Board of Russia’s VTB Bank decided to increase its equity share in the bank’s subsidiary in Azerbaijan to 99.9 percent.
In addition, it was decided to increase the authorized capital of VTB Bank (Azerbaijan) through the placement of additional ordinary registered shares. It was reported that a total of 1.325 billion shares would be issued, and the cost of each share would be 0.2 manats.
Presently, the authorized capital of VTB Bank (Azerbaijan) is 50.815 million manats.
VTB Bank (Azerbaijan) has been operating in the country since 2009.
(1.7001 manats = 1 USD on Jan. 24)