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Bank of Baku increases authorized capital

Bank of Baku increases authorized capital

24 November 2009 17:19 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Bank of Baku is planning to double its authorized capital to AZN 13.6 million early next year, said Jalal Gasimov, Chairman of the Bank.

According to him, the increase will be paid up at the expense of profit which is expected to be AZN 7 million for 2009.

The bank currently operates 16 branches, 25 ATMs and 205 POS-terminals across the country.

One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret.
On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.

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