Parabank Trying to Catch up with the Level of Competitors

OJSC Parabank (obvious candidate for consolidation) plans to increase the share capital by 23.2% - to 38.887 million manat.

According to the State Committee for Securities, which on October 27 registered the prospectus of additional issue by this private bank, the package of securities with a total value of 7,316,600 manat is divided into 36 583 shares with par value of 200 manat.

Now the bank's authorized capital is 31,570,400 manat. The bank should bring the authorized capital to up to 50 million AZN by January 1, 2015. Otherwise it will have to say goodbye to banking activities as required by the Central Bank.

Parabank was established in 1991. Its shareholders are 2 businesses and 18 individuals. --17D-

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