Statutory capital of Khalgbank grows up to $10m

Business Materials 27 December 2005 14:39 (UTC +04:00)

The statutory capital of �Khalg’ joint stock-commercial bank will be increased up to 50bn manats through increase of the number of the share holders from 3 to 7, Asim Mamadli, the chairman of the Board, told Trend.

According to Mammadli, on Tuesday the bank is possible to address to the State Committee on Securities to register prospect of new share emission.

The bank was founded on 26 December 2005. “Though Khalgbank is the youngest bank in the banking system of the country, it has achieved good results for 8-9 months. Besides, it starts development of active market strategy. In accordance with the strategy, the bank will be represented at all regional centers of the country and enter the list of leading Azerbaijani banks,” Rufat Aslanly, a member of the Board of the National Bank of Azerbaijan, stated at an official ceremony dedicated to the anniversary of the bank.

As of 26 December the assets of Khalgbank comprised 65.8bn manats, total amount of the attracted fund вЂ" 36.6bn manats, credit portfolio вЂ" 40.8bn manats.

Khalgbank also expands international relations. The bank set correspondent relations with German Dresdner Bank, Russian Impeksbank and Bank Integral. Besides, it completes work on opening of correspondent accounts in American Express Bank (the United States) and Sberbank (Russia).