7 million of securities of "Muganbank", par value U.S. $ 1,000 each and a total nominal value equal to U.S. $ 7 million were registered Latvian Central Depository (LTSD) and posted on the Stock Exchange "NASDAQ OMX Riga ". This was reported to the department of public relations of "Muganbank" by Deputy Chairman of the Board Rasim Ismailov.
Rasim Ismailov said that the Bank and the LTSD signed a contract for the implementation of this initiative, which will provide integration of "Muganbank" in the financial structure of the European Union.
He said that according to the contract, having the proper registration of "Muganbank" received the right to place their securities' on the Stock Exchange NASDAQ OMX Riga. Thus, by LTSD for the securities of "Muganbank" there was granted international identification number (ISIN), and securities have been placed on the Stock Exchange "NASDAQ OMX Riga".
Received in 1995 the status of a securities depository, LTSD in Latvia shall perform the function of the central bank securities. Along with the registration of securities of other countries and conduct payment transactions, LTSD provides services institutions registered in the EU.
It should be noted that the Baltic securities market, a member of which is LTSD in 2008, joining the largest exchange group in the world NASDAQ OMX U.S. was able to use modern technology for exchange transactions.
Investors who purchased the securities of the Bank are some of Eastern Europe. Rasim Ismailov said that the interest rate on bank bill rate is 11% per annum and will remain in force until the date of payment for bank notes, that is, until the year 2016.
Speaking of the use of funds obtained from the issue, he said that the funds raised from the placement of securities will be used for the development of customer financing - issuing business loans to small and medium-sized enterprises, consumer credit related to the provision of consumer client requests.
Rasim Ismailov said that the Bank attaches great importance to cooperation with international financial institutions and activities in this area will continue.
JSC "Muganbank" is one of the well-known financial institutions Azerbaijani banking financial sector, began operations in 1992. It has a total of 30 branches and 4 branches to service clients in all types of banking products. "Muganbank" cooperates with the international economic structures. Among them, there are the United States Agency for International Development (USAID), the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and the Investment Fund of the United States - World Business Capital (WBC). - 15D -
Economics
-
The Milli Majlis (Parliament) of Azerbaijan began discussions on Monday regarding the draft state budget for 2025, which projects expenditures of AZN 41.368 billion.
-
Azerbaijan’s livestock sector has demonstrated modest growth in domestic production, yet it faces significant challenges as imports of meat and dairy products surge. Recent data from the State Statistics Committee underscores this dichotomy, revealing increases in local output but an even sharper rise in imports, accompanied by persistent price inflation.
-
Azerbaijan's agricultural sector faces a critical moment as modest growth in grain production fails to offset a troubling decline in productivity. Data from the State Statistics Committee shows that total grain and legume production grew by 0.7% year-on-year, reaching 3.2 million tons by November 1, 2024. However, this growth is overshadowed by a sharp 6.2% drop in yield, highlighting structural inefficiencies in the sector.
-
Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
Leave a review