Azerbaijan boosts BSTDB stake to 5%
Azerbaijan`s stake in the Black Sea Trade and Development Bank
(BSTDB) has been raised from 2% to 5%.
This move was approved at a recent Board of Directors meeting in Istanbul where shareholders of the bank were offered a 3% package of shares, the Economic Development Ministry told AssA-Irada.
According to the decision, Azerbaijan will pay for the shares incrementally over three years.
BSTDB`s management also announced they would double the bank`s capital stock to $2 billion.
BSTDB has been operating in Azerbaijan since 2002. The country is represented at the bank by its Economic Development Minister.
Besides Azerbaijan, the bank is owned by Turkey (16.5%), Albania (2%), Ukraine (13.5%), Georgia (0.5%), Bulgaria (13.5), Moldova (1%), Romania (14%), Russia (16.5%), Greece (16.5%), and Armenia (1%).
The BSTDB supports regional cooperation by financing various projects among its member states, including those dealing with stock markets.
This move was approved at a recent Board of Directors meeting in Istanbul where shareholders of the bank were offered a 3% package of shares, the Economic Development Ministry told AssA-Irada.
According to the decision, Azerbaijan will pay for the shares incrementally over three years.
BSTDB`s management also announced they would double the bank`s capital stock to $2 billion.
BSTDB has been operating in Azerbaijan since 2002. The country is represented at the bank by its Economic Development Minister.
Besides Azerbaijan, the bank is owned by Turkey (16.5%), Albania (2%), Ukraine (13.5%), Georgia (0.5%), Bulgaria (13.5), Moldova (1%), Romania (14%), Russia (16.5%), Greece (16.5%), and Armenia (1%).
The BSTDB supports regional cooperation by financing various projects among its member states, including those dealing with stock markets.
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