Azerbaijan, Baku / corr. Trend I.Khalilova / The Board of Directors of the European Bank for Reconstruction and Development (EBRD) gave Azerbaijan's UniBank a permit to issue new subscriptions to stocks due to the increase of its capital. The EBRD considers that capitalizing UniBank will provide an opportunity to keep its leading position in the banking market of the Country.
The shareholders of UniBank made a decision to increase the aggregate capital up to AZN 40mln. After implementing the decision, the Bank's aggregate capital for the end of 2007 will be increased by more than 2.5 times. For this purpose, it is intended to carry out new issues of UniBank's shares in the amount of AZN 8.4mln. Following the issuance, the authorized capital of the Bank will reach AZN 15mln.
Founded in 2002, Unibank is one of the leading banks in Azerbaijan. The EBRD owns 15% of UniBank's shares.