OREANDA-NEWS. August 3, 2011. The DemirBank’s shareholders held a general meeting on 23 July 2011.

The Bank reports that the shareholders considered and adopted the DemirBank’s activity relating decisions listed below:

1. Approval of the annual financial statement on the results of 2010, confirmed by international audit company and recommended by the Bank’s Audit Committee;

2. Approval of the issue of shares for AZN 1 million announced at the shareholders’ general meeting on 12 June 2011;

3. Decision on increase of Bank’s share capital by AZN 1 million more and issue of shares for this amount;

4. Decision on payment of dividends for AZN 1 million to the Bank’s shareholders;

5. Decision on increase of DemirBank subsidiary company ADB Broker’s equity capital from retained earnings for AZN 106,000 in order to strengthen the subsidiary’s position at the domestic securities market and create conditions for its appearance at the foreign market;

6. Decision on a tender for audit company for the next audit.

"AZN 1 million will be paid to the shareholders as dividends from Bank’s net profit for 2010, confirmed by auditor PriceWaterhouseCoopers in accordance with International Financial Reporting Standards. Of this amount 15% per annum will be paid on preference shares and the remaining amount will be prorated on ordinary shares," chairman of board Roman Amirjanov said.

This is the second general meeting of the DemirBank’s shareholders for 2011. At an extraordinary meeting on 20 April 2011 it was given consent on raising a syndicated loan for up to USD 30 million, organized by Netherlands Development Finance Company (FMO).

One of the country’s first banks DemirBank (formerly Azerdemiryolbank) started operating in 1989. Among its shareholders are such large international financial institutions as European Bank for Reconstruction & Development and the Netherlands Development Finance Company (FMO).