Azerbaijan, Baku, Feb. 2 / Trend , I.Khalilova/
The European Bank for Reconstruction and
Development (EBRD) has resumed assessment of its opportunities to become a shareholder
of Ganja Bank, a regional bank in Azerbaijan, Ganja Bank Chairman of the Board
of Fuad Musayev said on Feb. 2.
"The process has been suspended because of the global financial crisis. As the influence
of the crisis is rising in Europe, I think assessment and making a decision will
be delayed," said Musayev.
"EBRD is interested in Ganja Bank, as it has requested Azerbaijani bank's annual
account," he said.
Earlier Ganja Bank shareholders decided to
sell a 20-percent share to the EBRD. The share may be increased to 25 percent.
Musayev is confident that this transaction will take place, as EBRD is
interested in developing regions of the country. Ganja Bank is today the first
regional bank (it was the only regional bank until Nahchivanbank was opened
last year). As part of the state program on socio-economic development of
regions, the Government attaches great importance to development of
entrepreneurship in the regions, including banks.
If EBRD agrees to purchase the share, new shares
will be issued. The authorized capital of Ganja Bank is 10 million manat. In near
future it will be increased to 15 million manat. The aggregate capital of the
bank tops 12 million manat.
According to Musayev, cooperation with EBRD starts with lending. Therefore, the
goal to become familiar with the 2008 financial performance of Ganja Bank amid crises
is to provide financial support through loans.
Ganja Bank with two shareholders has been operating since 1994.
On Feb. 2, the official exchange rate is 0.8073 manat to $1.
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