Yelo Bank announces its plans

Yelo Bank is planning to increase the authorized capital AZN 30 million in the coming months, chairman of bank’s board Nikoloz Shurgaia said in a briefing.

‘It was decided in the shareholder meeting. We are planning to increase the capital in three trances. Currently, the authorized capital is AZN 61 million,’ he said.

'After operating net loss in 2016-2018, we got profit in 2019. We were expecting profit for this year too, but we had to postpone the plan until next year due to the coronavirus. We are going to reduce our expenditures AZN 4.5-5 million this year.’

The three-year plan includes targets such as extension, investments in ICT, an increase of ATMs, and POS-terminals: 'We want to become a bank corporation during the next five years.’

He also noted that last year, the number of employees increased from 500 people to 900.