EBRD and DEG May Delay in Shareholder in Azerbaijani Bank For More Years

Business Materials 3 September 2008 14:55 (UTC +04:00)

Azerbaijan, Baku, 3 September / Trend corr. I.Khalilova / The European Bank of Reconstruction and Development (EBRD) and German investment corporation DEG consider the possible exit from shareholder framework of the Azerbaijani Unibank within the next one or two years. The aforesaid banks own 15.2% and 8.3% share holdings, a source from bank said .

Unibank has strategic development plan for next three years to continue dynamic development. If the aforesaid shareholder will leave Unibank, bank will remain one of the reliable, profitable and stable banks in the country.

The source neither approved nor denied the information of plans of Hungarian OTR Bank to join Unibank shareholders.

Under the deals signed with EBRD and DEG, beginning from 2008 the banks may leave Unibank's shareholder composition. The share holding of aforesaid bank may be sold to strategic investors or purchased by the acting shareholders, Faig Huseynov, Chairman of Unibank Managing Board, said.

"We do not exclude the possibility to sale the share holding of EBRD and DEG. At present, there are no deals or plans to introduce serious changes in the composition of shareholders. I think it is not excluded. We are ordinary projects for these banks. EBRD and DEG will leave Unibank soon or late," Huseynov said.

Unibank is the second private bank in Azerbaijan. Some 6% bank system of the country and 5% retail deposit fell on the bank in the first quarter in 2008. Bank leads in the auto and mortgage crediting market. Unibank became the first Azerbaijani bank, which unites shareholders from EBRD and DEG.

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