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Bank Melli Iran Baku branchâ€™s total capital reaches AZN 61M

17 May 2017 08:50 (UTC +04:00)

According to audit report for 2016, Bank Melli Iran Baku branch increased total capital to AZN 61 million.

“The Management Board of the Central Bank of the Republic of Azerbaijan decided to keep the minimum level of capital for banks in the amount of AZN 50 million. The effective date of this decision was January 1, 2015.Capital of Bank Melli Iran Baku Branch significantly decreased as a result of 100% provision on deposits placed at some commercial banks (Royal Bank, Zamin Bank, Texnika Bank,Atra Bank and Birlik Bank) in Azerbaijan. As at December 31, 2016 capital of Bank was amounted to AZN 21,906,594, which is incompliance with CBAR’s capital requirements. In this regard, on February 9, 2017 the bank increased its authorized capital in the amount of AZN 22,177,500. Additionally Bank acquired subordinated debt from head office in the amount of EUR

9,000,000 for the 8 years period, which also element of tier-2 capital. As at March, 31 2017 capital was amounted to AZN 61,188,399, which is in compliance with CBAR’s requirements”, the report said.