Authorized capital of Azer-Turk Bank up by 58%

Azer-Turk Bank OJSC plans to increase its authorized capital by 29 million manats ($17.05 million), or 58%, from 50 million manats ($29.4 million) to 79 million manats ($46.47 million), Report informs, citing an informed source in the bank.

The capital increase will be carried out by raising the nominal value of the financial institution's 50 million outstanding shares from 1 manat ($0.59) to 1.58 manats ($0.93).

Earlier, the State Oil Company of Azerbaijan (SOCAR) announced its intention to acquire 51% of Azer-Turk Bank’s shares.

Azer-Turk Bank OJSC, established in 1995, has an authorized capital of 50 million manats (just over $29.4 million). The bank’s ownership distribution includes 75% held by the Azerbaijan State Committee on Property Issues (acting on behalf of the Azerbaijani government), 12.37% by Ziraat Bank of Türkiye, 1.08% by Ziraat Bank International, 6.55% by AzRe Reinsurance OJSC, and 5% by Qala Life Insurance OJSC.