A General Assembly of the stockholders of the Microfinancing Bank of Azerbaijan (MBA) has been held in Frankfurt, Trend reports referring to a message spread by the Bank.
The Supervisory Board of the Stockholders gave its consent on the decision to increase the authorized capital of MBA up to 11 mln. AZN, as well as involve a new (the sixth) stockholder.
The message spread by the Bank says that the decision to increase the authorized capital of the Bank was motivated by the rapid and successful growth of AMF, and it will be a good impetus to the further development of the bank.
Access Microfinance Holding, a commercial holding company on microfinancing has been included to the team of the stockholders of the bank as well. The main task is to put capital to the institutions of microfinancing and develop the investments by means of financial shares, as well as holding administrative services presented by the technical partner - LFS Financial Systems GmbH (LFS).
The last meeting of the Supervisory Council will be held at the end of the year. We have summed up the results of the outgoing year, as well as fixed the main priorities for the next year. We are increasing the capital and involving another shareholder. One should agree that the wish of Access Microfinance Holding to join us, confirms the right way that we chose, as well as the belief in the future of MBA. That is another proof of the reliability of our Bank, said Andrew Pospiyelovski.
Members of the General Assembly and Supervisory Board have approved MBA results and chose the Chairman of the Supervisory Board. Michael Jainzig, a KfW Project Manager replaced Mark Schwiete, the former Chairman of the Supervisory Board.