Payment of the announced authorized capital of the Microfinance Bank of Azerbaijan (MBA), which has recently been approved by the decision of the General Assembly of the Banks Shareholders at the level of 11 mln AZN is expected to be completed till January 20, 2007.
Trend reports that the Banks new capital will be carried both via the existing shareholders and the sixth shareholder - Access Microfinance Holding will be involved too.
The share of Access will reach 9,95%, and the Company will have to nominally pay 1,095 mln. AZN for the possession of 1,095 shares.
At the same time, the ratio of the other shareholder will also be changed. The previous capital at 6713, 370 thousand manats, 24,96% (1069,108 thousand manats) вЂ" belongs to KfW, LfC вЂ" 5,69% (560 manats), the Black Sea Bank for Trade and Development (BSBTD) and the International Financial Corporation (IFC) - 25,55% (1715,095 thousand manats) each, EBRD вЂ" 18,7% (1225,097 thousand manats). After the capital increase, KfW share will be reduced to 24,95% (at the same time the participation in the formation of the capital will be at the level of 2745 thousand manats), LfC вЂ" to 5,09% (779 thousand manats), BSBTD and IFCвЂ" 20% (2200 thousand manats) each. EBRD share will increase up to 20% (2200 thousand manats).
Access Microfinance Holding, is a commercial holding company on microfinancing. It was established in Berlin in August, 2006. The stockholders of the Company are KfW, EBRD, IFC and Omidyar Tufts Microfinance Fund. The authorized capital of Access Microfinance Holding is в'¬18 mln.
The company has been included into 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 and administrative services presented by the technical partner - LFS Financial Systems GmbH (LFS).