Bank of Azerbaijan to increase authorized capital by 33%

Bank of Azerbaijan to increase authorized capital by 33%
# 22 February 2013 11:02 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Bank of Azerbaijan will increase the authorized capital by 32.5% to AZN 60 mln by the year-end. Bank says as at the end of January, its shareholder’s equity made AZN 45.3 mln.

At present, bank’s shareholders are 3 individuals and 1 legal entity. These are Kenan Hafiz Mammadov (42.97%), Senan Hafiz Mammadov (42.97%), Mubariz Majid Mammadov (13.31%) and NEM Holding (0.74%).

Besides, bank plans to increase branch network. It will launch a regional branch in Lankaran city in March-April and a branch near Neftchiler metro station in summer-autumn months.

For the present, the bank operates 17 branches, 3 departments and 32 ATMs.

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THE OPERATION IS BEING PERFORMED