VTB (Azerbaijan) has decided to reduce its authorized capital by 3.3 times, from 315.815 million manats to 94 million 744.5 thousand manats. As reported by FinFly.News citing the bank, this decision was made at the regular general shareholders' meeting on July 3.
According to the information, the decision is based on relevant legal requirements to bring VTB (Azerbaijan)'s capital structure in line with current financial indicators and to pay dividends to shareholders. The bank's current authorized capital significantly exceeds the established norm. In particular, a decision was made to formally adjust losses incurred before 2020 and already paid out.
The bank also stated that the decision will not affect its current operations, financial stability, obligations to clients, or the products and services offered. The bank's regulatory indicators fully comply with the requirements set by the regulator.
It is worth recalling that OJSC VTB (Azerbaijan) was established in 2009 on the basis of OJSC AF Bank. 99.999995% of the bank's shares belong to OJSC Bank VTB Russia, and 0.000005% to Adygezal Agayev (former general director of LLC Ata Holdinq).