BAKU, Azerbaijan, June 7. The shareholders of Azerbaijan's TuranBank OJSC have unanimously agreed to boost the bank's authorized capital by an additional 20 million manat ($11.76 million), representing a 25 percent increase, from 80 million manat ($47.05 million) to 100 million manat ($58.81 million), Trend reports.
The bank's data shows that, 18,485 new ordinary registered non-documentary shares with a nominal value of 1,082 manat ($637.65) each will be issued to increase the capital.
To note, TuranBank began operations in June 1992. Its shareholders include 29 legal entities and individuals.
The bank's total assets grew by 7.4 percent, or 61 million manat ($35.94 million) as of April 1, 2024, compared to the same period last year, reaching 883.7 million manat ($520.53 million).