Gunay Bank attracts capital of about 50 million manats

JSC Gunay Bank has issued stock to raise its capital by about 50 million manat. This is one of the banks in Azerbaijan, whose registered capital is not adequate to the minimum requirement of the Central Bank.

The State Committee for Securities registered on September 4 the prospectus of 10 450 Gunay Bank shares with par value of 4,783 manat each. Placement of these shares will be arranged in a mass method at the BSE.

The last time the Bank produced a share issue in the summer of 2013 with the aim of attracting 10 million manat. As of December 31 the bank's authorized capital exceeded 13 million manat, and as of May 1, 2014 it was 18 million manat. Earlier this year, the bank's assets were estimated at 34.7 million manat.

JSC Gunay Bank was established in April 1992 and is considered a family bank. Last year, the bank had 9 shareholders and four of the Mamedov family owned 73.73% of its shares.

By the end of this year, commercial banks are required to complete the capitalization up to 50 million manat. --08B-

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