BSTDB shareholders decide to increase the subscribed capital
17:13, 1 October 2021
YREVAN, OCTOBER 1, ARMENPRESS. Following the adoption of the long-term strategy for the period 2021-2030 earlier this year, the Board of Governors of the Black Sea Trade and Development Bank (BSTDB) at its extraordinary meeting today hui has decided to increase the subscribed capital of BSTDB from the current 2.29 billion euros to 3.10 billion euros, BSTDB said in a statement.
The new subscription follows the increase in the authorized capital of BSTDB approved in 2007 and the first round of subscription decided in 2008 and completed in 2018. The subscription concerns 70% of the authorized but unsubscribed capital available and leaves 10% unsubscribed. of the authorized total of BSTDB. capital of 3.45 billion euros, which will remain available, among other things, for new potential shareholders. The paid-up portion of the newly subscribed capital will be 30%, of which 70% can be called, in accordance with the Bank’s current capital structure. Following the new subscription, the Bank will receive additional capital of 244.96 million euros, thus bringing the paid-up capital held by the Bank to 931.51 million euros. The subscribed capital increase will enable BSTDB to achieve the strategic objectives set out in the Long-term Strategy for 2021-2030 in order to promote the economic development and regional cooperation of Member States and to strengthen the Bank’s response capacity in crisis situation while increasing its relevance for shareholders. The subscription process will be finalized by the end of September 2022 and BSTDB shareholders will make the subscribed capital payments in eight installments over the period 2023-2030.
Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia , Turkey and Ukraine. The headquarters of the BSTDB are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, lines of credit, equity and guarantees for projects and commercial finance in the public and private sectors of its member countries. The authorized capital of the Bank is 3.45 billion euros. BSTDB has a long-term rating of âA-â by Standard and Poor’s, âA2â by Moody’s and âA +â by the Russian rating agency ACRA.