The Baku Stock Exchange (BSE) has determined the prospectus of registered shares of Azerbaijan Credit Bank registered by the State Securities Committee (SSC).
As part of the new issue in the amount of 38.752 million manat there will be issued 173 thousand shares with par value of 224 manat. Underwriter of the accommodation is LLC Tekhnika Capital Management.
The authorized capital of Azerbaijan Credit Bank yet is 11.5 million manat, and after placing the issue the bank's capital will be increased to 50.25 million manat, which meets the minimum requirements of the Central Bank of Azerbaijan to the total capital of banks on 1 January 2015.
This is not the only financial structure among outsiders who intends to stay afloat and not consolidate the assets with other market participants. Last week, the BSE announced that JSC Eurobank capitalization has increased more than fourfold, bringing the level of authorized capital to 50 million manat.
JSC Azerbaycan Credit Bank has been operating since December 2005. Its shareholders are private individuals. Shirkhan Abbasov is the largest shareholder of the bank, who owns 36.64% of the shares. Other major shareholders are Nazim Abbasov (35.56%) and Jamil Abbasov (27.8%) .-- 17D-
Economics
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