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Bank of Azerbaijan to double capital

08 September 2008 09:38 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The State Committee for Securities registered the issue prospectus of the ordinary registered stocks of OJSC â€œBank of Azerbaijanâ€. The volume of the issue is AZN 10.000 000, the face value per stock AZN 20.
According to the issue prospectus, placement will be held through initial public offering on Baku Stock Exchange.
â€œRespublika Investâ€ will underwrite stocks placement.
Those intending to purchase the stocks can apply to an organization being the member of CJSC â€œBaku Stock Exchangeâ€ and having a brokerage license.
Placement is expected to start in September. If successful, the bankâ€™s share capital will double to AZN 20 million.
As at July 1, the bankâ€™s assets stood at AZN 105.109 million, loan portfolio at AZN 89.130 million, deposit portfolio at AZN 45 million, total capital at AZN 45.915 million and authorized capital at AZN 10 million.
Bank of Azerbaijan has been in operation since 1993. the bank has 18 branches, 15 ATMs and 113 POS terminals.