Atrabank prepares for major recapitalisation

Shareholders of Azerbaijani Atrabank will discuss the recent decision of the Central Bank of Azerbaijan (CBA) about the fivefold increase in the minimum total capital requirements for banks.

The shareholders annual general meeting will be held on September 28 at the bank's head office, the supervisory board said on Wednesday. Shareholders will also discuss current issues.

By the decision of the Central Bank of Azerbaijan (CBA) on July 25 this year, the minimum total capital of existing banks, as well as the capital of newly established banks was increased from 10 to 50 million manat. Terms of bringing capital to the new standard level for existing banks are to be set prior to January 1, 2014.

As of May 1, the authorised capital of the bank amounted to 10.42 million manat with total capital - 11.5 million manat.

AtraBank was established in December 1992. The main activities of the bank are the development of agricultural, textile, oil and other industries.


/Trend/