Black Sea Trade and Development Bank decided to invest into Azerbaijani microfinance sector in order to increase its capital, Mikayil Jabbarov, BSTD's Director for Azerbaijan informed, Trend reports. As per his words the decision on establishing such a deal was made during the last gathering of the BSTD's board of directors.
The chairman of the board, Andrew Paspilovski, informed Trend, that BSTD became the first shareholder for ABFM (Azerbaijan Bank for Micro financing) that approved investments into the asset capital of the bank. BSTD owns 25.5% of the shares in ABFM and invested $1,
750 mln where the general capital of the Azerbaijani bank was $6.850 mln. As Andrew Paspilovski said, the deal with BSTD will be finalized after its approval at the National Bank of Azerbaijan. All juridical questions with this and other shareholders will be finalized by the end of 2006.
Result of increase in Banks Capital will lead to over meeting the demands of NBA for July 1, 2007 (10 millions AZN). As Trend reported earlier, capital of the bank will be increased to $12.5 mln.
Today, work partnership of other shareholders is distributed as follows: KFW owns 2496% ($1,710 mln.), LfC company 5,7% ($390 thousand.), International Finance Corporation 25,55% ($1,750 mln.), and EBRD 19,24% ($1,250 mln.).