The juridical composition of shareholders of Azerbaijan Microfinance Bank (AMB) will be made changes. The new organization joining isnt expected, but it will be formed from the structure of current composition of founders, the chairman of Board of the bank Andrew Pospilovski told Trend. This question will be topic of discussions at the next meeting of shareholders scheduled for the end of September. All founders of the bank German Reconstruction Bank KFW, Black Sea Bank for Trade and Development, International Finance Corporation, European Bank for Reconstruction and Development and Consulting Company LFC will come together in Baku, the chairman said.
The issue of increasing the authorized capital of AMB by the end of 2006 will be the primary topic of discussions.
Today the authorized capital of the bank equals $6.850 mln. The share participation of shareholders of AMB: KFW holds 24.96% ($1.710 mln), company LfC 5.7% ($390 thousand.), Black Sea Bank for Trade and Development and International Finance Corporation 25.55% ($1.750 mln), and European Bank for Reconstruction and Development 19.24% ($1.250 mln). The authorized capital of the bank is implied to increase at lease to $10 mln and this amount may be exceeded because according to the normative requirements of the Azerbaijan National Bank, the joint capitals of each bank should total at least AZN 10 mln until 1 July 2007.
Besides, the current issues will be considered at the meeting of shareholders implementation of forecasts on the expansion of the credit portfolio. According to Pospilovski, at the beginning of the year, it was tasked to increase the portfolio to 100%. He considers that the forecasts will be implemented because as of 1 August 2006, the credit portfolio has been formed in level of $28 mln.
AMB a joint close company started its activity on 29 October 2002.