Russian bank's subsidiary registered in Azerbaijan

Business Materials 25 February 2009 19:54 (UTC +04:00)

Azerbaijan, Baku, Feb. 25 / Trend corr A. Badalova / The Azerbaijani Ministry of Taxes registered Bank FTB- Azerbaijan which was AF Bank earlier and renamed after its shares were handed to Russian stockholder, bank's executive committee chairman Ruslan Muhammadli said to press conference on Feb. 25.     

In December 2008, Russian Foreign Trade Bank (FTB) completed acquisition of stocks of Azerbaijani AF Bank. Previously, the bank's main shareholder was construction firm Ugur 97.

"In a couple of days, we will officially open the bank with a new status. The restructuring process is underway," Muhammadli said.

The bank became a member of the Azerbaijani Deposit Insurance Fund on Feb. 18.

Muhammadli said strategic plan 2009 aims to turn the bank into universal bank or to offer services to corporative and retail clients. New bank products will be introduced since 2010. 

According to Muhammadli, Bank FTB- Azerbaijan plans to triple the authorized capital which currently makes up to 10 million manats and assets to 15 million manats. 

"The bank plans to become one of country's major banks within thee years," Muhammadli said. 

Bank FTB is one of Russia's major financial institutions. It functions in Russia since 1990. The Russian government is the main shareholder of the FTB with 77.5 percent shares. The authorized capital of the FTB makes up 67.2 billion rubles.

The official currency rate of $1 is 0. 8048 on Feb. 25. AZN/USD.

Do you have any feedback? Contact our journalist at: [email protected]