Azerbaijan, Baku, 18 June / Trend A.Akhundov /
Azerbaijani Turan Bank is in talks with foreign investors in order to increase the total capital to the new regulatory requirements of the Central Bank of 50 million manat, the head of the bank's Supervisory Board Fuad Musayev told reporters on Tuesday.
"By the end of last year, we have increased the registered capital to 30 million, by the beginning of May - to 40 million manat. Today, our total capital stands at 43 million manat. Towards the end of the year we will meet the specification. Currently, we are in talks with foreign investors as well as international financial institutions. Azerbaijan's ratings are rising, and interest of investors in Azerbaijan is high. However, there is nothing specific yet. Even if we do not succeed, our shareholders are willing to raise the capital to the required level. There is no problem in this regard. Another emission will be issued in October. We plan to increase the authorized capital to 10 million manat," Musayev said.
According to him, in general, the bank plans to increase the share of foreign investors in the capital of the bank, which to date is entirely local, up to 25 percent by 2015.
"One of the main goals set out in the strategic plan for 2012-2015 is to increase the capital base of the bank at the expense of existing shareholders as well as new foreign investment," Musayev said.
Turan Bank was established in 1992. It operates under license No. 115 of the Azerbaijani National Bank.
The official exchange rate on June 18 is 0.7846 AZN / USD.
