Azerbaijani RabitaBank increases capital by quarter

Azerbaijani RabitaBank increases capital by quarter
The State Securities Committee (SSC) has registered the issue prospectus of ordinary registered non-documentary shares of OJSC ‘Rabitabank’ in the amount of 10 million manat, the Committee reports.
492.85 thousand shares at par value of 20.29 manat will be issued within the issue.
Thus, the bank’s authorized capital will be increased from 40 million to 50 million manat.
According to he decision of the Central Bank of Azerbaijan from July 25, 2012, the minimum requirement for aggregate capital of existing banks was increased from the current 10 million to 50 million manat. The new requirement for the capitalization of banks comes into force in January 2014.
Rabitabank is a commercial bank that has operated since 1993 in Azerbaijan. In September 2010, Rabitabank signed an investment agreement with the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) in connection with their entry into the shareholding structure of the Azerbaijani bank.