Finance

Finance

Azerbaijanâ€™s largest bank raises share capital

28 December 2009 14:20 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Azerbaijanâ€™s State Committee for Securities has registered the International Bank of Azerbaijanâ€™s issue prospectus of ordinary registered certified shares.

The amount totaled AZN 240 million, the face value per share is AZN 0.24, and the number of shares issued is 1 billion

In October, the bank increased the par value of its shares to 24 kopecks from 20 kopecks after a decision taken at an extraordinary meeting of shareholders.

Through the new issue, the only increased the par value of share by 20% or 4 kopecks. As a result, the bankâ€™s authorized capital stock will also increase by 20% or AZN 40 million to AZN 240 million.

As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
The bank operates 37 branches, 587 ATMs, 63 information kiosks and 2 717 POS-terminals.