(MENAFN- Trend News Agency ) Baku, Azerbaijan, June 19
By Anvar Mammadov – Trend:
Shareholders and management of Azerbaijan's Unibank OJSC have completed the first phase of the bank's capitalization, said Unibank in a message June 19.
According to the message, today, the issue prospectus of the bank's shares worth over 49 million manats was placed at the Baku Stock Exchange. The shares have been acquired by the current shareholders. As a result, the bank's authorized capital rose by 70 percent and totaled 119 million manats.
After the placement of the prospectus, the distribution among the bank's shareholders has changed.
The share of the German Investment Corporation increased up to 27.6 percent, and the share of the European Bank for Reconstruction and Development (EBRD) – increased up to 21.9 percent. The remaining 50.5 percent are distributed among individuals. The remaining 50.5 percent is distributed among individuals.
The program on Unibank's recapitalization was adopted during a meeting of its shareholders on April 18, 2017 and aims to strengthen the bank's capital basis to compensate for the losses resulting from macroeconomic shocks and create a solid capital basis for the further development of the bank in the post-oil period.
Unibank OJSC was established through the merger of two commercial banks of Azerbaijan – Mbank (founded in 1992) and Promtekhbank (founded in 1994) on October 15, 2002.
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