Shareholders of the Azerbaijani Micro-Finance Bank (AMFB) increased the statutory capital of the Bank on 26 September and recognized the positive financial rewards for 2006. The Chairman of the Managing Board of AMFB, Endrew Papilovki, informed Trend that all founders of the AMFB, namely the German Bank for Reconstruction KFW, the Back Sea Bank for Trade and Development (BBTD), the International Finance Corporation (IFC), the European Bank for Reconstruction (EBRD) and Consulting LfC, expressed their willingness to invest in the bank's capital by the end of 2006.
The statutory capital of the bank will be increased from the existing $6,850 mln. to $12.5 mln.
The shares of all AMFB shareholders are distributed as follows: KFW 24.96% ($1,710mln.), LfC 5.7% ($390,000), the Black Sea Bank for Trade and Development and the IFC each by 25.55% ($1,750mln.) and the EBRD 19.24% ($1,250 mln.).
Papilovski said that considering the initial results of the nine-month activities in 2006, the shareholders of the bank expressed their consolidation. The Banks assets, credit portfolio, including the micro-credit portfolio (credits to $10,000), rose by 100% as compared to the beginning of 2006, while the deposit portfolio increased by several 1,000%. As of the latest data, the bank's credit portfolio reached $34 mln. including the micro-credit portfolio of $13 mln. Deposits of over $3.5 mln and assets of over $42 mln.