MFBA Shareholders Increase Capital
MFBA’s shareholders have increased the share capital of the bank to AZN 20 million

June 10, 2008. Baku On June 10, 2008, the shareholders of MFBA invested AZN 9 million to increase the share capital of the bank to AZN 20 million. An additional nine million shares were issued and distributed to complete this transaction. This increase makes MFBA the 7th largest bank in Azerbaijan in terms of share and total capital.
All shareholders contributed to the capital increase in proportion to their previous shareholding in MFBA, maintaining the ownership structure unchanged with the European Bank of Reconstruction and Development, the International Finance Corporation the Black Sea Trade and Development Bank and KfW – the Development Bank of the German Government all with a 20% share each and with AccessHolding at 16.53%, and LFS Financial Systems GmbH at 3.47%.
MFBA General Manager, Andrew Pospielovsky, said ”The capital increase by the shareholders was driven by the strong growth of MFBA and demonstrates the shareholders’ confidence in the future of the bank. It also demonstrates, once again, the commitment of the shareholders to MFBA and its role in the development of the Azerbaijani economy.”
Since the beginning of the year, the loan portfolio of MFBA has increased by 48% to reach USD 170 million, and the deposit portfolio has increased by 65%. This portfolio development, along with the expanding branch network outside of Baku, shows MFBA’s growing importance in Azerbaijan’s economy.