Azerbaijani UCBank ups capital

The State Committee for Securities has registered the issue prospectus of ordinary registered shares of the United Credit Bank (UCB) at a volume of 35 million manat, the Committee reports published on its website on Tuesday says.

The prospectus includes 17,500 shares at par value of 2,000 Manat.

As of January 1, 2013, the authorized capital of the bank totaled 20.108 million manat, and the aggregate capital - 19.48 million manat.

In October last year, the UCB issued shares in the volume of 10 million manat, which should have resulted in the authorized capital totaling 24.108 million manat. Accordingly, the new issue will increase the UCB capital to 59.108 million manat, which will exceed the new requirement of the Central Bank of Azerbaijan to capitalization of banks that will come into force from January 2014.

Under the legislation, the shares may be placed throughout the year.

The bank began operations on April 30, 1996 as a joint Russian-Azerbaijani Commercial Bank Russian credit. Currently, shareholders of the UCB are one entity - Azerbaijani United Business Company, which owns 88.79 percent of shares, and two individuals - non-residents Ali Marayev (8.24 percent) and Ruslanbek Magomadov (2.97 percent).


/Trend/