Azerbaijan to place Express Bank shares

The placement of Azerbaijani Express Bank shares, worth 10 million manat at the Baku Stock Exchange, will begin Aug. 18, the BSE said.

The placement underwriter is OJSC "UniCapital". As part of the transfer, 43,266 shares par value of 231.13 manat each, were issued.

In 2010 the bank’s joint-stock capital reached 51 million manat, increasing by 4.7 times during the year. The bank’s authorized capital reached 56.796 million manat.

Express Bank, formerly known as Azerneqliyyat Bank, was established in 1989 as a commercial bank. In 2005 it was transformed into an open joint stock company.

The official exchange rate is 0.7865 manat to $1 on Aug.16.


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