AccessBank cna increase authorized capital $55 million, said the bank’s audit report for 2016.
The increase will be realized after confirmation of shareholders.
“Manat devolution in 2015 affected Azerbaijan’s banking sector. Consequently, AccessBank’s loss as at the end of 2016 made up AZN 90.223 million and bank could not meet the requirement on capital adequacy ratio. In order to meet these requirements, shareholders carried out capital increase in the amount of AZN 34.850 million. Along with this, the shareholders plan to increase authorized capital 55 million in 2017”, the reports said.
As at the end of 2016 bank’s authorized capital made up AZN 85 million.
* AZN 1 = $ 1.7021