EBRD Eager to Become a Shareholder of Azerbaijan Millikart

Politics Materials 19 January 2007 17:52 (UTC +04:00)

The European Bank for Reconstruction and Development (EBRD) voiced interest in entering the board of shareholders of Millikart Processing Center Ltd., which is specialized in issue of plastic payment cards.

Jalal Orujov, the Executive Director of Millikart, informed Trend on Friday that after the accession of new shareholders into the Processing Center, it would be necessary to inject changes in the structure of the organization and undergo registration at the Justice Ministry of Azerbaijan.

Over the first half-year of 2007 it is planned to consider the issue on expansion of the number of founders, because along with the EBRD the local banks also take interest in it.

At present the issue is being coordinated with the EBRD and the necessary documents are being discussed.

After the entrance of the EBRD it is planned to increase the statutory capital of Millikart. At present it comprises of 4mln manats raised by 18 shareholders.

Millikart was established on 14 June, 2006. The founders of the centre are Atabank, AzerDamirYolBank, AzerTurkBank, Bank of Baku, CIBank, DebutBank, AmrahBank, KhlgBank, KredoBank, Microfinancing Bank of Azerbaijan, ParaBank, RabitaBank, RespublikaBank, Bank Standard, TekhnikaBank, TuranBank, UniBank and ZaminBank.