Turanbank raises share capital

Turanbank raises share capital
# 15 December 2008 07:55 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. The State Committee for Securities has registered Turanbank’s issue prospectus of ordinary registered book-entry stocks.
The volume of the issue is AZN 1 million and face value per stock 1 000 AZN. According to the issue prospectus, placement will be held through public subscription on the Baku Stock Exchange.
Azerintertrade LLC will underwrite the stocks.
Flotation is expected to start in December. The successful flotation would increase the bank’s authorized capital by 6.7% to AZN 16 million.
As of October 1, Turanbank’s assets stood at AZN 86.1 million, portfolio at AZN 64.7 million, deposit portfolio at AZN 42.3 million, total capital at AZN 17.8 million and authorized capital at AZN 15 million.
Turanbank, owned by 17 legal and 37 individual bodies, has been in operation since 1992. The bank operates 11 branches, 21 bureau of exchange, 9 ATMs and 54 POS terminals throughout the country.
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