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    German investment company may purchase share in Demirbank

    This can happen as part of increase in authorized capital of Demirbank by 50 mln AZN

    Baku. 5 September. REPORT.AZ/ German investment company DEG may become shareholder of Demirbank.

    Report was informed in banking circles. This may occur as part of increase in authorized capital of Demirbank by 50 mln AZN.

    "The shareholders of the bank on August 6 decided to increase the capital, but it does not mean additional investments in Demirbank. The fact is that Demirbank has attracted financial assets from DEG, as well as foreign shareholders - the European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO) currency means. Now bank cannot repay the loan. The way out is an additional emission, as a result of which investment company will become a shareholder of Demirbank, and the share of the two foreign shareholders will increase ", said the source.

    In this case, the proportion of family of Hajiyev, local and main shareholder of the bank, will automatically be reduced, that is the distribution of shareholders equity will change. Thus, DEG will receive a share in the third Azerbaijani bank account. So, now the company owns 16.7% stake in Bank Respublika and 8.3% of the shares of Unibank.

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