Azerbaijan, Baku, Aug.25 / Trend I.Khalilova /
The Azerbaijani EURO Bank (formerly known as Azinvestbank) has closed its London office, which has operated since 2008. The bank will determine its further activities abroad after completing a new development strategy, chairman of the bank's board, Shamsaddin Hasanov, said.
"Currently we do not have a representative office abroad. At present the bank is conducting radical reorganization and changes in its structure," Hasanov added.
EURO Bank's new strategy will cover the next three-four years. According to Hasanov, work on the strategy will end within three or four months.
The bank launched its reorganization following the election of a new board for EURO Bank, which has been acting since June.1. However, these changes are not associated with a change in shareholder structure, Hasanov added.
Earlier EURO Bank had planned to integrate into the London market, since all financial centers are concentrated in London. With the opening of its offices EURO Bank launched talks with a number of foreign investors wishing to invest in the Azerbaijani bank. According to former chairman Rufat Valiyev, the bank held talks on drawing loans, inter-bank and syndicated, and placing Eurobonds in foreign markets. The bank even planned to transform the London office into the head branch.
Since the closure of EURO Bank's office, currently only the International Bank of Azerbaijan has a representative office in London.
EURO Bank was established in 1992 with the participation of 10 individuals.
Do you have any feedback? Contact our journalist at: [email protected]