Founders of Azerbaijani Micro-Finance Bank Resolve on Increase of Statutory Capital
Mike Taylor, a representative of the European Bank for Reconstruction and Development (EBRD) in the observation Board of the Azerbaijani Micro-Finance Bank (AMFB) told Trend the founders of the AMFB resolved on 26 September on increase of the Bank's statutory capital to $12.5m by the end of 2006, Trend reports.
The meeting focused on the distribution of the shareholders' stake in the Bank's capital. Until formation of capital it is planned to attract a new shareholder to the Bank and it was also under discussion, he underscored.
Taylor said that the candidate of a shareholder is being discussed with partners.
The EBRD is going to pay $1.5m for increase of its stake in the statutory capital of the Bank.
Presently the Bank`s statuary capital is $6.850 m. The share holding in the shareholders of AMFB is as follows: KfW 24.96 per cent ($1,710 m.), LfC 5.7 per cent ($390,000), the Black Sea Trade and Development Bank, and IFC both 25.55 per cent ($1.50 m.), and EBRD 19.24 per cent ($1,250 m.).
As of September 1, 2006 the assets of the Bank, which starting functioning on October 29, 2002 increased 100% and made up $42. AMFB is a bank of the closed type.