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Bank Standard, Int’l Bank of Azerbaijan plan to merge

Economy Materials 21 April 2016 12:44 (UTC +04:00)
Bank Standard and the International Bank of Azerbaijan are negotiating to merge their assets
Bank Standard, Int’l Bank of Azerbaijan plan to merge

Baku, Azerbaijan, Apr. 1

By Azad Hasanli - Trend:

Bank Standard and the International Bank of Azerbaijan are negotiating to merge their assets, a source on the country's banking sector told Trend Apr. 21.

No agreements have been reached at this stage yet, according to the source, however the source said that the issue of consolidation of these banks will be solved before late April.

At the same time, Bank Standard appealed to Azerbaijan's Financial Market Supervisory Body for financial support, and the supervisory body is currently examining the situation in the bank.

Bank Standard was established in 1995. At present, the Bank is one of the largest private commercial banks in Azerbaijan, which is among the leaders in terms of deposits.

The International Bank of Azerbaijan was founded in January 1992.

The main shareholder is the ministry of finance on behalf of the Azerbaijani government, which owns 54.96 percent of shares, while the remaining shares are owned by private physical and legal entities.

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