Unibank boosting its capital
BAKU - The shareholders of Azerbaijan’s Unibank have decided to
increase the bank’s capital stock by 11.592 million manats ($14.49
million).
The re-capitalization will be carried out through an issue of
5,796,000 shares with the par value of 2 manats each, boosting
Unibank’s capital 39% to 41.592m manats (almost $52m).
This issue will be the 16th emission in the bank’s history that
began in July 1993, and will also be the largest one following the
emission worth 15m manats ($18.75m) in spring 2009.
Unibank’s decision to increase its capital stock is another
undisputed indication of the bank’s steady development; it will
help enhance financial operations by increased lending to
individual lessees as well as by tapping more funding sources
offering their resources under beneficial conditions.
The forthcoming issue of shares will not alter Unibank’s
shareholder capital structure, considering that the stock will be
bought up by the existing shareholders including the European Bank
for Reconstruction and Development and the German investment group
DEG.
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