EBRD and IFC to acquire 25% in Azerbaijan's Rabitabank
BAKU. Dec 13 (Interfax) - The European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) will become owners in Azerbaijan's Rabitabank, the bank told Interfax.
Shareholders in Rabitabank approved EBRD's arrival as a shareholder on December 10 with a stake equaling 12.5% plus one share, as well as IFC, also with 12.5% plus one share.
It was earlier reported that the bank plans to boost its charter capital through an additional share issue that will be purchased by EBRD and IFC.
The bank's charter capital came to 10.103 million manat (0.7991 manat/$1) as of October 1, 2010.
It was earlier reported that the IFC decided in July 2010 to earmark $2 million for the purchase of 10%-15% of the shares in Rabitabank.
Rabitabank was founded in 1993. The bank's ownership is comprised of 14 legal entities and 12 individuals.
Rabitabank was 476th largest bank by assets in the CIS at the end of the first half of 2010 and 21st biggest Azeri bank according to the ranking Interfax-1000: Banks of the CIS, compiled by the Interfax Center for Economic Analysis (CEA).