Access Bank increased its authorized capital up to 119.85 million manat through the purchase of 8.2 million new shares by the bank’s shareholders for the amount of 34.85 million manat, the bank said.
Repurchase of the shares was carried out by the acting shareholders on a pro rata basis. Thus, the shares of each of them in the authorized capital of the bank remained unchanged. The process of issue of shares and registration was successfully completed on March 29.
Shareholders of Access Bank are the Black Sea Trade and Development Bank (20%), the European Bank for Reconstruction and Development (20%), the International Finance Corporation (20%), KfW - Kreditanstalt für Wiederaufbau (20%), Access Microfinance Holding AG (16.53%), and LFS Financial Systems GmbH (3.47%). --71D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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