BAKU, Azerbaijan, February 10
By Jeila Aliyeva - Trend:
Turkmenistan’s Rysgal Joint Stock Commercial Bank plans to attract large foreign investments, Trend reports with reference to Business Turkmenistan information portal.
Also, the bank has decided to increase its authorized capital to 200 million Turkmen manat (over $57 million) this year.
After the approval of the authorized capital of the bank is completed, the shares will first be offered to the bank's shareholders. At the same time, the unallocated shares will be put up for public auction by the Ashgabat Stock Exchange.
According to the report, in 2020, to increase the authorized capital of Rysgal Bank to 60 million manat ($17.1 million). The fifth issue of more than 13,000 ordinary shares, worth 1,500 manat each ($428.13), was announced.
The share of the issued shares was distributed among the current shareholders of the bank, and the remaining part was put up for auction by the Ashgabat Stock Exchange.
Rysgal Bank is the first joint-stock commercial bank in the country, the initial capital of which was created with the participation of representatives of the private sector.
Currently, Rysgal bank finances the construction of Ashgabat-Turkmenabat high-speed highway and facilities of the new administrative center of country's Akhal region, and it also provided funds for major projects aimed at the production of high-quality export-oriented and import-substituting products.
In addition, the bank supports small and medium-sized enterprises, and, in particular, provides cash to private entrepreneurs.
Rysgal was the first bank in the country to launch an internet banking system and offer a MasterCard card to consumers.
The introduction of digital technologies into the banking sector of the country will expand the range of banking services and the capabilities of the national payment system provided to customers, as well as increase the competitiveness of credit institutions.
In general, the country's financial sector is constantly expanding. In particular, mobile applications are being introduced to pay for various services and goods, the number of non-cash payments is increasing, and payment for goods and services is being implemented through banking terminals.
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