IFC Joining AGBank's Shareholders in Short

Business Materials 6 September 2006 15:58 (UTC +04:00)

The signing of agreement for IFCs joining the shareholders of JSIB Azerigazbank is held September 8, Trend reports quoting Chingiz Asadullayev, Chairman, Supervisory Council, Azerigazbank.

Asadullayev said signing of agreement with Asian Development Bank was still being delayed. В"IFC was ready to settle all the questions on joining Azerigazbanks shareholders yet in March-April 2006 so the stock can be redeemed without waiting for ADBВ", said Asadullayev.

The total stock to be issued to both IFC and ADB makes up 35%. National Bank of Azerbaijan has officially authorized this deal.

Said financial institutions are joining AGBanks shareholders on equal terms, each receiving 17.5 percent in the bank. IFC already announced purchasing its 17.5% stock for $2.3mln.

At present the banks charter capital and total capital amount to 7.4mln and 9mln manat, respectively. By the end of 2006 the charter capital will be raised to 12mln manat.