Ganja Bank to Begin Negotiations with European Bank of Reconstruction and Development

Business Materials 23 October 2007 11:35

Azerbaijan, Baku / Trend corr. I.Khalilova / The Azerbaijani regional Ganja Bank is planning to begin discussions with the European Bank of Reconstruction and Development (EBRD) to join EBRD to shareholders of the bank, Fuad Musayev, the manager of Ganja Bank, said.

According to Musayev, the shareholders of Ganja Bank made decision to render 20% shares to EBRD. However, the shareholders may consider increasing the share from 20% to 25%.

In the case EBRD to join the Ganja Bank through new issues of shares. Presently, the authorized capital of the bank is AZN 10mln, and the figure may reach to AZN 2mln or 2.5mln in the case the list of shareholders to be increased.

EBRD is planning to open credit line for the Azerbaijani bank.

Ganja Bank was established in 1994. The bank has 13 shareholders.

The assets of the bank amount to AZN 25mln. Ganja Bank has two branches in Ganja and Shamkir regions and is planning to open branches in Tovuz, Barda, Mingachevir and Yevlakh regions of Azerbaijan.