BSTDB Shareholders subscribe for USD 1,5 billion capital increase

News | 07-Oct-2008

New BSTDB shares in the amount of SDR 1 billion (USD 1,5 billion) offered for subscription to the 11 Bank’s shareholding states have been fully subscribed and allocated. The decision was taken by the Special Meeting of the BSTDB Board of Governors held on October 5, 2008 in Istanbul.

The subscription followed a decision taken by the Board in December 2007 to triple the BSTDB authorized capital to SRD 3 billion (USD 4,5 billion) and to double the subscribed capital to SDR 2 billion.

As a result of the subscription, the new shareholding structure of BSTDB is as follows: Greece, Russia and Türkiye remain the largest shareholders of the Bank with 16.5% stakes each, followed by Romania with 14%, Bulgaria and Ukraine with 13,5% each, Azerbaijan with 5%, Albania with 2%, Armenia and Moldova with 1% each, and Georgia with 0,5% stake.

The shareholders expressed their full support for the Bank and its mission to promote regional cooperation and economic development in its member countries. They confirmed the strategic commitment to the Bank’s membership enlargement by attracting new regional members and internationally reputed multilateral banks and financial institutions.

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The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity, guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.