TODAY.AZ / Business

IFC and ADB to own 35% of Azerigasbank shares by mid-June

16 May 2006 [08:07] - TODAY.AZ
International Finance Corporation (IFC) and Asian Development Bank (ADB) are expected to obtain Azerigasbank Joint-Stock Bank shares of 17,5% for each by mid-June this year.

Corresponding contracts are expected to be signed between international financial institutions and the Azerbaijani bank.

Share in bank's nominal capital will be provided by additional emission, APA reports.

IFC and ADB will purchase bank shares with their nominal values basing on primary information. Azerigasbank JSB will make its nominal capital AZN12 million on the account of additional emission.

Azerigasbank JSB was founded in 1993. Currently 94% of shareholders are natural persons. Bank assets were AZN59,473 million, credit portfolio AZN33,751 million, total capital AZN7,435 million and nominal capital AZN5,8 million at the beginning of this year.


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