The Shareholders Meetings of the Bank of Baku OJSC approved the increase of the Chartered Capital of the bank almost two times as much: from AZN 6,800,000 to AZN 12,852,000. The increase of the Chartered Capital has been performed by converting the existing 3,4 million shares priced at AZN 2,00 into new shares priced at AZN 3,78. So, on 10 June 2010 Azerbaijan State Committee for Securities registered the conversion under series AZ100200536P and on 18 June 2010 The National Depository Center made a record of the new share value.
This significant increase in the Chartered Capital serves as a great support and trust in the bank by the shareholders and the great reassurance for the customers and investors. Additionally, by increasing its Chartered Capital Bank of Baku has taken an advantage of the existing tax holiday and generated significant tax savings that were directed to strengthening its capital base.
As of 31 May 2010, total Mandatory Capital of the Bank of Baku stands at AZN 32,423,590 and provides 18,92% Capital Adequacy coverage. (Central Bank of Azerbaijan requires 12%).
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Chartered capital of «Bank of Baku» is increased almost 2 times as much.
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