JSC NBC Bank plans to increase its share capital by 27.4% - up to 46,536,100 manats at the expense of additional issue. This will go right next to the standard of the Central Bank - from 1 January 2015 the equity capital of private banks should not be less than 50 million AZN.
According to BSE, the bank plans to issue 41,051 shares with a par value of AZN 243.6 – totaling 10 million. manat.
Underwriter of the securities is LLC Tekhnika Capital Management.
NBC Bank with an authorized capital of 36,536,100 manat was established as Ruzu Bank in December 1992. The current name is from January 2003. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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