Baku, Azerbaijan, Feb. 12
By Azad Hasanli - Trend:
Two Azerbaijani banks - the AGBank and Bank Standard have decided to merge.
A protocol of intention has been recently signed in this regards, AGBank said in a message Feb. 12.
A work group, consisting of representatives of both banks, has been also created in line with a tentative agreement.
The group will work on implementation of a merger project.
AGBank earlier came to an agreement on consolidation with Demirbank.
But after a while, Demirbank's shareholders decided not to merge with AGBank, citing the inexpediency of such a step as a reason.
"Currently, the bank is not negotiating about merging with other banks," DemirBank told Trend Feb. 11, adding there are no such plans for the near future.