Finance

Finance

Rabitabank increases authorized capital

27 June 2013 12:11 (UTC +04:00)

Baku. Nijat Mustafayev – APA-Economics. Rabitabank, which will mark the 20th anniversary on 30 June, is increasing its authorized capital up to the level corresponding to the new capital requirement of the Central Bank of Azerbaijan.

The State Committee for Securities of Azerbaijan informs that on 24 June it registered the Bank’s issue prospectus with ISIN-code AZ1002003551 - 492,854 shares with par value of AZN 20.39.

Full placement of this issue will allow the Bank to attract AZN 10 million by increasing the share capital from AZN 40 million up to 50 million. The International Finance Corporation (IFC), which refused from a deal for purchase of Rabitabank’s shares, will not participate in the purchase of this issue of Bank’s shares.

Be that as it may, but Rabitabank with help of the next issue will ensure its compliance with the CBA new capital requirement: bank’s total capital should be at least AZN 50 million since 1 January 2014. Just a couple of weeks ago a number of observers doubted the Bank’s ability to meet this requirement.