ShoreCap II Ltd. became one of the shareholders of TuranBank at the end of 2013 through the purchase of 3,028 of the company's 3,697 ordinary registered book entry shares with an issue volume of $5.101 million placed at the Baku Stock Exchange.
ShoreCap II Ltd. is an investment fund managed by U.S.-based asset manager Equator Capital Partners LLC.
ShoreCap II Ltd. has investments in regulated banks, microfinance institutions and nonbank financial institutions in developing Asian and African countries.
The last issue of shares increased TuranBank's shareholder capital by 10 percent in order to meet the requirement of the Central Bank of Azerbaijan dated July 25, 2012, which made the minimum amount of total equity of existing banks $64 million. TuranBank now has total equity of $64.66 million as of Dec. 30.
TuranBank has 14 service points and 19 currency exchange points in such regions as Ganja, Sumgait, Gazakh, Tovuz, Zagatala, Agstafa and Khachmaz.
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