The proposed project is to participate in the planned capital increase by subscription to newly issued shares of Azerdemiryolbank. The project will enable Azerdemiryolbank to strengthen its capital base and will allow further growth of the bank to maintain its leading market position.
The project will have high transition impact. In particular it will help Azerdemiryolbank to maintain its market position and more importantly support its growth and development going forward. This in turn will fuel competition in the banking sector, improve standards of business conduct.
Azerdemiryolbank, an open joint-stock company, is one of the leading private banking institutions in the Republic of Azerbaijan, majority owned by private individuals. EBRD is a 25% plus one share shareholder in Azerdemiryolbank.
Equity investment through acquisition of newly issued shares of Azerdemiryolbank to maintain its shareholding in the Bank.
Approximately USD 1.6 million.
Azerdemiryolbank will be required to carry out its operations in accordance with EBRD's Environmental Procedures for Local Banks. In implementing these procedures, the bank will require its borrowers to comply, at a minimum, with national and/or local health, safety, environmental and public consultation requirements.
Azerdemiryolbank has been benefiting from an Institutional Building programme, provided under the original equity investment and sponsored by ETC Multi-Donor Initiative Fund.
Mr. Shahin Y. Mirzoyev, Deputy Chairman of the Management Board
Tel: +994 12 444 7283
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