Rabitabank increases equity capital
Baku, Fineko/abc.az. OJSC Rabitabank, which marks 19-year anniversary on 30 June, is holding general meeting of shareholders.
The bank reports that the general meeting will start at 5 pm on 15 August in the banks central office, address – 28 May Street, 33. The Banks Supervisory Board made a decision on holding the general meeting at the meeting on 27 June. The meeting agenda includes the issue on raise of equity capital through new share issue.
Rabitabank, created as speccialized bank in 1993 on the basis of Comunication Ministry of Azerbaijan, has expanded its activity beyond communication industry covering the clients from different economy spheres. Rabitabanks clients are currently enterprises working in trade, production, construction, agriculture, transport, communication spheres, the bank also covers full range of financial services to individuals.
For 19 years the bank could not only keep its positions among Azerbaijans largest banks , but also expand its activity up to 21 branches throughout the country as well as strengthen activity in the regions, by opening 14 regional offices ( Sumgait, Guba, Gusar, Khachmaz, Lenkoran, Ganja, Shamkir, Shamakhi, Shirvan, Sheki, Nakhchivan, Agjabedi and Gakh). Over 400 bank employees in the head office and branches, provide servicing of 46.000 bank clients.
For a period of its activity Rabitabank has established work with international financial institutions , which is indicator of the bank transparency and adherence to international standards. Starting cooperation with International Finance Corporation (IFC) in 1997, the bank is currently cooperating with Islamic Corporation of Development (ICD) and European Bank for Reconstruction and Development (EBRD). Besides international financial institutions the bank established relations with the USA and European investment funds and large foreign banks in fund drawing sphere. Successful cooperation with international organizations has resulted in Rabitabanks inclusion in top 5 of Azerbaijans most transparent banks following the results of research by Standard & Poors rating agency in 2010.
Following the first quarter of 2012 Rabitabanks assets made AZN 141 million, balance capital AZN 23 million, credit portfolio- AZN 102 million and clients deposits- AZN 80 million.
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