AccessBank intends to boost charter capital 1.8-fold by end-year
BAKU. June 5 (Interfax) - Azerbaijan's AccessBank plans to increase charter capital by $55 million in 2017, the bank said in its consolidated financial report for 2016 prepared for Ernst & Young.
"In order to meet capital adequacy requirements of the regulator, the bank's shareholders have increased the bank's charter capital by 34.85 million manat [since the start of the year]. In addition, the bank's shareholders are currently in the process of discussing a scheduled increase of charter capital over the course of 2017 of up to $55 million in manat equivalent," the report said.
As reported earlier, AccessBank increased charter capital by 41.2% to 119.85 million manat in March 2017, or around $70.5 million at the current exchange rate. This means that by the end of the year the bank's charter capital could grow by 1.8-fold.
AccessBank has operated in Azerbaijan since 2002 and one of Azerbaijan's top five biggest banks. AccessBank shareholders are the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, Germany's KfW, Access Holding and LFS Financial Systems GmbH.
The official exchange rate on June 5 is 1.7021 manat/$1.
