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Turanbank offers 25% of shares to foreign investors

19 June 2013 09:18 (UTC +04:00)

Baku. Ali Ahmadov – APA-Economics. Azerbaijan-based Turanbank intends to involve foreign investors to increase the authorized capital, said the Chairman of Supervisory Board Fuad Musayev.

According to bank’s mid-term strategy covering period up to 2015, 25% of bank’s shares will be offered to foreign investors. Note that bank’s current authorized capital makes AZN 40 mln. But, under the requirements of Central Bank of Azerbaijan, Azerbaijan-based banks must increase the minimum total capital to AZN 50 mln.

Musayev said that Turanbank will carry out additional share emission in amount of AZN 10 mln in October. For the present, the bank’s management holds talks for involvement of foreign investors: “Existing shareholders are ready to increase authorized capital to AZN 50 mln without foreign investors”.

Remind that owned by 5 legal (20.81%) and 22 individuals (79.19%) Turanbank has been in operation since 1992. The bank operates 14 sales points (including 7 regional) and 20 currency exchange points.