The Supervisory Board of JSC Turanbank at the special meeting on August 28 decided to increase the total capital to the level of new regulations of the Central Bank of Azerbaijan.
As reported in the bank, the bank's shareholders approved the plan of gradual increase in the total capital of the bank. Since the end of October this year, the bank's capital will be increased to AZN 30 million, by the end of March next year - up to AZN 40 million and finally to the end of 2013 the total capital is expected to reach 50 million manat. As of August 1, 2012 the total capital of the bank amounted to 27 million manat.
According to the decision of the Central Bank of Azerbaijan on July 25 this year, the minimum requirements for total capital of existing banks, and registered capital of newly established banks increased to 50 million manat. The new standards will be effective from January 1, 2014.
The minimum requirement for the size of the total capital of banks has been 10 million manat since July 2007.
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Economics
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