Central bank approves restructuring of AccessBank’s equity shareholders
The Central Bank of Azerbaijan has agreed to restructure the equity shareholders of the Azerbaijani AccessBank with 100 percent foreign capital, newly appointed Chairman of the Board, Michael Hoffmann, said at a press conference on Thursday.
"After the changes the shareholding structure will not change, but ownership interest will change. The Central Bank has already approved the new structure of the equity shareholders of the bank, and now we are waiting for confirmation of the State Service for Antimonopoly Policy and Consumer Protection," Hoffmann said.
He noted that the new ownership structure involves the transfer of a controlling stake to AccessHolding.
Today, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Development Bank KfW, the Black Sea Trade and Development Bank (BSTDB) owns 20 per cent stake in the bank, AccessHolding - 16,53 percent and LFS Financial Systems - 3 47 percent.
After changes AccessHolding will receive 50 percent plus one share. EBRD, IFC, KfW and BSTDB will continue to directly own a large part of the shares AccessBank (12,45 percent each, 49.8 percent share).
AccessHolding's was created as a strategic investor in the microfinance industry, to operate a growing global network of responsible commercial banks in developing and transition countries that provide responsible financial services to low and middle income households and in particular to micro and small businesses.
AccessHolding is owned by an international group of private and public investors including (14.12% each): CDC Group plc (a UK government-owned fund investing in developing and emerging economies), EIB - European Investment Bank (the European Union's financing institution), IFC; KfW Development Bank, and Omidyar Tufts Microfinance Fund (created by the founder of EBay); FMO (the Dutch development bank - 10.03%); LFS Financial Systems (16.12%) and MicroAssets (a staff investment programme of LFS - 3.26%,).
AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households.