OREANDA-NEWS. September 19, 2008.  Rabitabank OJSC has entered stage of completion of negotiations about sale of a stake to foreign shareholders.

Deputy chairman of board Elchin Gadimov said that currently there are two organizations that are ready to acquire up to 25% of Bank’s shares.

“Both shareholders will acquire equal stakes in Rabitabank – by 12.5%. One of them is International Financial Corporation (IFC), with which we have been co-operating for a long time.

This year we are planning to finish drawing of new shareholders. The deal conclusion is scheduled for the last quarter of 2008,” Gadimov said.

In March 2007 IFC allocated a USD 2 million loan to Rabitabank on conditions of which it can be converted into 10-20% package of shares to be transferred to the Corporation.

“Appearance of new shareholders in the Bank will be accompanied with charter capital increase and for these ends Rabitabank will register next issue of its shares. After new shareholders appear, charter capital growth is expected at the level 25%. Then relevant increase of overall capital will be realized within additional finances in a way of subordinate loans and premiums for sold shares,” Gadimov said.

Today Rabitabank charter capital is AZN 7 million and overall capital more than AZN 13 million.