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Amrahbank raises share capital by 40%

21 April 2009 12:43 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Amrahbank JSC will raise the share capital by 40% to AZN 17.921 million, according to a resolution made at the general meeting of shareholders in March.

The bank said the General Meeting passed resolutions on the increase of share capital by AZN 5.1m, appointment of the Audit Commettee members: Ikram Humbatov (Chairman of the Audit Committee, Amrahbank) Ahmed Kerimov (Head of Risk Management and Internal Control, Azercell), Mazar Jalal (Asset Management, International Investment Bank) and approval of the new mission and vision of the Bank.

At the same time, the Supervisory Board Meeting approved a new strategic plan, annual budget of 2009 and appointment members of Internal Committee.

Financial Director of Amrahbank Fazil Huseynov reported key financial results as at 31 December 2008.

According to him, the bankâ€™s net profit was AZN 3.4 million, total equity AZN 21.8 million and total assets AZN 62.4 million.

Amrahbank is one of the oldest (est 1993) and leading commercial banks of Azerbaijan. It offers wide range of retail and corporate banking products such as deposits, loans, money transfers, documentary transactions, investment advisory and etc. Amrahbank is one of the most profitable banks of Azerbaijan (ie top 3 in terms of Return on Equity - 31 Dec 2008) and has one of the largest branch networks across different regions of Azerbaijan (top 8 in terms of branch network â€“ 31 dec 2008). The Bank is a member of various professional organisations such as Deposit Insurance Fund, Mortgage Fund, The National Business Assistance Fund, Azerbaijan Banks Association, and etc. Recent strategic partnership with International Investment Bank based in Bahrain (through 49% shareholding), has been playing a key role in further developing many areas of Amrahbank such as corporate governance, international cooperation, array and quality of products & services, etc.