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Further Reinforcement of the BSTDB Capital Base

Press Release | 08-Mar-2023

The shareholders approved the first step of the increase of the Bank’s capital 

The Board of Governors (BoG) of the Black Sea Trade and Development Bank (BSTDB) concluded its special meeting dedicated to the evaluation of subscriptions received from Member States on the new round of capital increase and allocation of subscribed capital. The results of the subscription showed strong shareholder support with the offer being oversubscribed. Ten Member States participated, while two of them oversubscribed. 

The BoG  decided, in line with  the provisions of the " Capital Contribution Strategy and Technical Parameters for Capital Subscription", to allocate in the first step to the Member States that qualify without any regulatory concern the number of shares corresponding to the share they owned in the capital of the Bank immediately prior to the offer for subscription. 578,016 shares were allocated amounting to EUR 664.7 million.

Final decision on allocation of shares, payment and transfer of voting rights will be decided in the second step of the process, at the Annual Meeting of the BoG in July. 

On the same occasion, the BoG adopted the first phase of the Medium-term Strategy and Business Plan for 2023-2024, paving the way for the Bank to pursue a policy of consolidation and thus secure the financial strength and portfolio quality of the institution. 

Ιoannis Tsakiris, Deputy Minister for Development and Investments of the Hellenic Republic and Chair of the Board of Governors, said: “I am proud to announce that the Black Sea Trade and Development Bank has successfully increased its capital, solidifying its mandate to support the development of the Black Sea region. This second capital increase is another significant milestone that will equip the Bank to confront regional challenges and to continue providing the financial resources necessary to drive growth, create jobs, and improve the lives of the citizens in Black Sea region.”

Commenting on the decision, Dr. Serhat Köksal, BSTDB President said: “I would like to thank all our shareholders for their continued support and commitment to the Bank. This capital increase is a testament to the confidence our member countries have in BSTDB's ability to deliver on our mission of supporting economic development and trade in the Black Sea region. The new capital injection will enable us to provide even greater support to our member countries and help drive the economic growth and prosperity of the region.”

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “Baa1” by Moody’s. For information on BSTDB, visit www.bstdb.org.



Haroula Christodoulou
E-mail: cchristodoulou@bstdb.org
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax 

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