Azerbaijani Bank Expect Mission from European Bank for Reconstruction and Development to Assess Possibilities to Become Shareholder
Azerbaijan, Baku, 4 March / Trend corr. I.Khalilova / Fuad Musayev, the Chairman of Ganja Bank, said that the one regional Ganja Bank in Azerbaijan is expecting a visit from experts from the European Bank for Reconstruction and Development (EBRD). The experts will assess the possibility of becoming shareholders in Ganja Bank in May.
According to Musayev, the shareholders of Ganja Bank made the decision to offer 20% shares to EBRD. However, the shareholders may consider increasing the shares from 20% to 25%.
Musayev is sure that the deal will be agreed as EBRD is interested in the development of regions, and Ganja Bank is the one regional bank in Azerbaijan. Within the framework of the State social-economic development program Azerbaijan pays more attention to the development of entrepreneurship in the regions including banks.
Ganja Bank was established in 1994. The bank has 15 shareholders and one shareholder is a juridical entity.
The assets of the bank amount to AZN 25mln. Ganja Bank has two branches in the regions of Ganja and Shamkir and is planning to open branches in the regions of Tovuz, Barda, Mingachevir and Yevlakh of Azerbaijan.
The credit portfolio of Ganja Bank comprises AZN 19mln, the deposits of juridical entities and individuals totals AZN 2.5mln.
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