The National Bank of Azerbaijan (NBA) was granted permission to enter its foreign capital into the stock-investment bank Azerigasbank, Azer Movusmov, the Chairman of the Board of Azerigasbank, told Trend.
By the end of August it is planned to sign a tri-lateral agreement with the International Finance Corporation (IFC) and the Asian Development Bank (ADB) for its admission to the party of shareholders The total stock market, which will be presented to the international financial institutes, comprises 35%. Azerigasbank will be the 19th of 44 banks active in the Country with presence of foreign capital in its statuary capital.
They will enter on an equal basis and each one of them will remit similar sums for the purchase of 17.5% of the stock. The IFC has announced the purchase of a 17.5% stake at Azerigasbank at $2.3m.
At present the statutory capital of the bank is 7.4m manats, while the total capital is approximately 9m manats. By the end of the year the statutory capital will be increased to 12m manats.
