Selling process of Rabitabank’s shares to EBRD and IFC ends

Selling process of Rabitabank’s shares to EBRD and IFC ends
# 28 March 2011 14:29 (UTC +04:00)
Baku. Elnur Huseyguluyev – APA-Economics. Selling process of Rabitabank’s shares to European Bank for Reconstruction and International Finance Corporation has reached the final stage, deputy chairman of Board of Directors Elchin Gadimov told APA.

According to him, selling process was not finished yet: “Technical documentation works are being conducted, presently. It’s not determined, when the process would be completed. Because of this is not depending on bank”.

Note that, Rabitabank will sell 12.5% of its share to EBRD and 12.5% to IFC. Besides, AZN 3.5 mln-additional share issue was planned. After, this process, the authorized capital will be increased by 35% to AZN 13.5 mln.

Remind that, Rabitabank has been in operation since 1993. The bank operates 20 branches, 28 ATMs and 138 POS-terminals across the country.
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THE OPERATION IS BEING PERFORMED