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    DemirBank passes under control of foreign investors

    Share of foreign investors in the bank may reach 93%© Report.az

    Baku. 11 July. REPORT.AZ/ DemirBank's plan to convert total amount of the bank's foreign debt of $ 105 million into the first grade capital can increase the share of foreign investors to 93%.

    Report informs, now authorized capital is 21 million AZN. 25% of the capital or 5.25 million AZN belongs to the European Bank for Reconstruction and Development (EBRD), 10% or 2.1 million AZN to the Netherlands Development Finance Company (FMO), the remaining 65% or 13.65 million AZN to domestic shareholders, Including the Chairman of Supervisory Board Rahman Hajiyev and his family members. That is, share of foreign investors is 35% or 7.35 million AZN.

    According to new capitalization plan, DemirBank's authorized capital will increase by $ 105 million (178.5 million AZN at current rate) and will reach 199.5 million AZN. The growth of capital will be widespread recently in the banking sector of Azerbaijan by way of converting debts to foreign investors into ordinary shares. This means that the share of domestic shareholders will remain at 13.65 million AZN (6.85%), while share of foreign investors will increase to 185.85 million AZN (93.15%).

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