OREANDA-NEWS. February 08, 2011. In accordance with the relevant decision of the AtaBank’s shareholders last year Bank’s authorized capital increased by AZN 10 million or 66.7% up to AZN 25 million. The Bank reports that for these ends they issued 500,000 shares with par value of AZN 20, reported the press-centre of AtaBank.

Charter capital was increased in stages in line with our strategic development plan. In the shareholders’ opinion, the share capital increase demonstrates Bank’s reliability. This move will enable more flexibility in lending policies and will provide additional benefits in customer service.

In order to accelerate financial sector development in Azerbaijan, improve the quality of banking and insurance services, strengthen the solvency of banks, insurance and reinsurance companies and encourage increase of their level of capitalization the country’s President signed on 28 October 2008 Decree "On stimulation of increasing the level of capitalization of banks, insurance and reinsurance companies”. In compliance with law AtaBank and others mentioned companies are exempted from income tax for 3 years in case their authorized capital will be increased at the expense of profits.