Issue of Shares of JSC Azerbaijan Credit Bank Takes Place

The shares of Azerbaijan Credit Bank, starting from the 13^th of March in Baku Stock Exchange, can be considered valid. As of March 18 were placed 63.7% shares of the bank, which intends to increase its authorized capital to the required level - 50 million manat.

According to the BSE, six transactions attracted about 25 million manat. Thus, the paid-up share capital reached 36 million 383 thousand manat.

In January of this year the issue of shares totaling 38 million 752 thousand manat was registered. Shareholders are three members of the family Abbasovs in Baku. Who pays for the new issue is not known.

It is noteworthy that even after full payment of the authorized capital of Azerbaijan Credit Bank it will not meet the requirement of the Central Bank on the size of the total capital. The fact is that, as of 31 December 2014 its capital, taking into account the outstanding 6.3 million of losses, amounted to only 5 million manat. Thus, the bank will have to seek additional capital.

In terms of assets (21.6 million manat) Azerbaijan Credit Bank lags behind many banks in the country. 08B