Details added (first version posted at 13:01)
Baku, Azerbaijan, Apr. 21
By Azad Hasanli – Trend:
The merger of AtaBank and Caspian Development Bank will allow creating a stronger and more stable bank, said Imran Mammadov, member of the board at Azerbaijan’s Financial Market Supervisory Authority (FIMSA).
He made the remarks at a press conference in Baku Apr. 21.
“We have been studying the possible impact of the consolidation on the two banks’ financial stability, as well as its effect on the entire banking sector, for the last 2-3 months,” Mammadov said, adding the merger of the banks will be successful.
He noted that FIMSA will actively participate in the process of merging these two banks and its main priority will be to protect the interests of customers.
It was reported Apr. 18 that Caspian Development Bank will be reorganized and liquidated, and its assets will be transferred to AtaBank.
In accordance with the decision made at the general shareholders’ meeting of these banks, Dayanat Guliyev will serve as acting chairman of AtaBank’s board and Farah Mammadova will be acting chairperson of the bank’s supervisory board.
PwC multinational accounting firm was attracted to evaluate the assets of the two banks due to their reorganization.