Global law firm Dentons advised the lender-shareholders on a swap of outstanding debt for new preferred equity in AccessBank, a leading lender for small and medium enterprises in Azerbaijan (and the country’s fifth largest bank by assets). The capital increase was carried out by way of an issuance of AZN 11 388 889 Preferred Shares at par value of AZN 1.

Dentons advised the lender-shareholders’ committee on all aspects of the transaction under English and Azerbaijani law. Dentons assisted with the relevant regulatory approvals and considerable re-drafting of legal documentation, including the original restructuring agreement, the shareholders agreement, and the charter of the bank.

The lender-shareholders’ group included, amongst others, Asian Development Bank (ADB), European Investment Bank (EIB), International Finance Corp (IFC), and responsAbility Investments AG.

Dentons’ core project team was led by partner Timothy Stubbs in Moscow, with support from Partner Ulvia Zeynalova-Bockin in Baku, with support from associate, Zeynab Yusibova in Baku.

Davit Tsiklauri, Chairman of AccessBank Management Board commented: “Today we successfully completed yet another milestone to further support our growth plans within the MSME and retail segments. We are pleased to see continued confidence of our shareholders in AccessBank and Azerbaijan banking sector; this capital increase provides further stimulus to serve and fulfil the needs of our customers.”

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