OREANDA-NEWS. March 29, 2010. AccessBank has increased its share capital by AZN 21.8 million (USD 27 million) up to AZN 41.8 million (USD 52 million).

The Bank says that share capital was increased by capitalizing retained earnings from previous years, or by converting the profit earned by the bank into share capital.

AccessBank General Manager Andrew Pospielovsky, announcing the increase, said “The increase of the share capital to over USD 50 million creates a strong foundation for further growth of the bank and demonstrates the commitment of the shareholders to the bank and our mission of developing micro and small business, diversifying the economy, creating jobs and eliminating poverty.”

Following the share capital rise, the nominal face value of the shares was increased to AZN 2.09 from AZN 1.00, while the total number of shares remained the same at 20 million.

Similarly there was no change in the distribution of shares or shareholding structure which remained with the European Bank of Reconstruction and Development (EBRD), the International Finance Corporation, the KFW Development Bank, and the Black Sea Trade and Development Bank (BSTDB) with 20% each, AccessHolding with 16.53% and LFS with 3.47%. The capital increase ensures strong capital adequacy for future growth of the bank – currently the total capital adequacy of the bank is over 25% - or twice the minimum requirement of the Central Bank of Azerbaijan.

AccessBank’s mission is to provide access to financial services for Azerbaijan’s low and middle income households and micro and small business.  AccessBank is recognized as the most reliable bank in Azerbaijan by Fitch Ratings (BB+Long-term IDR & D Individual rating) and is 100% foreign owned by six international financial institutions.