Azerbaijan, Baku, July 15/ Trend, A.Akhundov /
The company World Wines, which owns a 75 per cent stake in Azerbaijan's Texnikabank, plans to inject 50 million manats (around US$64 million) into the authorised capital by the end of 2012, international rating agency Moody's Investors Service said in its statement recently.
'Texnikabank existing shareholder World Wines have communicated to Moody's its plans to inject 50 million manats (around US$64 million) into the capital by the end of 2012. However, Moody's believes there is a significant uncertainty whether this capital support will materialise or be sufficient', the statement says.
The authorised capital of Texnikabank is 68.32 million manat, while aggregate capital reaches 100 million manat.
The bank plans to reach the target of a quarterly profit of at least 2.5 million manat from the third quarter of 2012, Texnikabank supervisory board Chairman Rovshan Ismayilov said earlier.
Texnika Bank has been operating in the country since 1993 and has been a wholly owned Azerbaijani bank till 2007.
The official exchange rate is 0.7855 manat to $1 on July 15.
