EBRD BOARD OF DIRECTORS APPROVED PROJECT OF INVOLVEMENT IN CAPITAL BANK OF BAKU
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved the project of involvement in the stockholdersвЂ™ capital of Bank of Baku. It also approved acquisition of the bankвЂ™s 25% stocks, the vice president of the bank of Baku
on strategic planning Afgan Isayev told Trend.
"For the project implementation the emission of shares will be issued in the total volume of 1 133 335 shares, by the nominal per 10,000 AZM each. For the moment our authorized capital is 34 billion AZM, after completion of the deal it will be increased for 11,333 billion AZM and will make up 45,333 billion AZM. EBRD plans to allocate $ 4,5 million for the project of involvement in our bankвЂ™s capital, the means remaining after payment of shares will be directed to the capital as reservesвЂќ, Isayev noted.
After concluding the transaction the technical assistance to bank from EU TACIS program will start for institutional development of Bank of Baku.