New shareholders to enter Azerbaijan’s banking sector

Baku. 27 November. REPORT.AZ/ Access Bank’s foreign investors signed an agreement regarding capitalization on November 15, said the Chairman of Management Board Anar Hasanov, Report informs.

“This is the first legal compulsory document. Its sides are Access Bank’s existing shareholders and international creditors. Within the process of capitalization, the abovementioned organizations will provide AZN 184 million in support. Of this, AZN 1187.5 million will be directed to increase of the authorized capital and consequently, the shareholder capital will reach AZN 258 million. In addition, the tier-2 capital is planned to be increased to AZN 22 million through subordinated loan instruments. Along with this, AZN 212 million is planned for conditional capital, which will be used in the future if needed."

According to the chairman, after the process ends, Access Bank will become a Bank that brought new shareholders to the banking sector: "There will be such a financial organization in Azerbaijan’s banking sector that its shareholders will include European Investment Bank, ADB and other investors which are influential players in the international financial markets. Many of these organization will make investments in Azerbaijan’s financial sector for the first time. As far as I know, some investors made some amendments in bank’s regulations in order to be its shareholder. This once more proves that investors have confidence in positive development dynamics of the country’s economy and Access Bank’s business plan. So, Access Bank makes history not only in Azerbaijan’s banking sector, but also in the international level."