The Bank of Azerbaijan is planning to increase its authorized capital to 60 million manat by the end of 2013. According to the statement issued on Friday, the authorized capital of Bank of Azerbaijan JSC was 45.3 million manat as of late January 2013.
Currently, Bank of Azerbaijan shareholders are made up of three individuals and one entity. Equity participation of shareholders in the share capital of the bank is distributed as follows: Kenan Mamedov owns 42.97 per cent, Senanu Mamedov 42.97 per cent, Mubariz Mamedov 13.31 per cent and the NEM holding 0.74 per cent.
The previous shareholder structure was as follows: 81 per cent of shares were owned by A. Mamedov, 18 per cent by M. Mamedov and one per cent by NEM Holding.
According to the ZQAN Holding chairman Vagif Hasanov, the holding has completed the sale of its share (81 per cent) in the share capital of the Bank of Azerbaijan to the other shareholder.
"The deal began in the middle of last year and was fully completed by the end of January 2013 Formalities remained to be resolved. The new owner is now in full control of the bank. We want to develop and become the leader of one sector, rather than being present in many sectors and not leading in any of them. Currently, the holding gives priority to the food sector," Hasanov said.
The bank's plans for 2013 along with the increase of capital, also includes optimisation of its branch network. In March and April of this year the bank plans to open a large regional branch in the city of Lankaran and opening of a branch near the Neftchilar metro station in Baku is scheduled for summer or autumn.
Currently, the bank has 17 branches, three additional offices and 32 ATMs.
The Bank of Azerbaijan JSC was founded in 1993. ZQAN Holding celebrated its eighth birthday on January 18. During this period, the holding conducted operations in the field of construction and building materials, banking, insurance, telecommunications, hospitality, transport, transportation and real estate management as well as other areas.
Official exchange rate for Feb. 22 is 0.7847 AZN / USD.