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Black Sea Trade & Development Bank doubles capital

09 October 2008 12:54 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The Black Sea Trade & Development Bank has made a decision at a board meeting in Istanbul to double its authorized capital to US $2 billion.
Azerbaijanâ€™s Ministry of Economic Development said the board meeting also considered a number of other issues, including subscribed capital and current affairs.
The meeting passed a decision to offer a 3% unsubscribed capital to minor shareholders.
Azerbaijan raised its share in to 5% from 2% after the decision was reached at the BSTDB board meeting in Istanbul. The country will pay up the share rise in installments within three years.
Established in 1999, the Black Sea Trade and Development Bank has three major shareholders Greece, Russia, Turkey (16.5% each). Besides three other members â€“ Bulgaria (13.5%), Romania (14%) and Ukraine (13.5%), Albania holds 2%, Armenia 1%, Azerbaijan 5%, Georgia 0.5% and Moldova 1%.
Under the latest deal, Azerbaijan took additional 3% that was thrown away by Georgia, Armenia and Moldova.