Azerbaijan, Baku, Oct. 2 / Trend /
By a decision of the shareholders' general meeting Azerdemiryolbank expects to change its name.
The Bank informs that at the general meeting it was decided to change the name of Azerdemiryolbank for DemirBank and in accordance with that to carry out required legal procedures, the bank reported on Oct. 2.
Addressing to the meeting Rahman Hajiyev, the chairman of the Bank's Supervisory Board, emphasized that Azerdemiryolbank began its activity 20 years ago in October 1989, achieved a great deal of important successes for this period and became one of the leading banks of Azerbaijan.
"For further development of Azerdemiryolbank it is important to change its name on the condition of continuance. New name DemirBank will ensure keeping the 20-year history of the Bank," Hajiyev said.
Yusif Jabbarov, deputy chairman of board, emphasized, in his turn, the growing significance of "powerful brand" under conditions of increased competition at the domestic banking sector.
"In connection with Bank's renaming we have conducted numerous debates and studied opinions of wide public and professional advertising agencies. Following the tender procedure it was developed a new logotype with keeping a range of main elements of existing logo. We have also worked out and launched a program of logo enforcement that will have favourable impact on further development of Azerdemiryoolbank," Jabbarov said.
After undergoing a range of legal procedures the Bank will change its name for DemirBank. The renaming will hardly tell on the existing agreements with its customers and partners and all they will keep their validity.
Being one of the country's first banks Azerdemiryolbank started operating 20 years ago in 1989. Among its shareholders are such large international financial institutions as the European Bank for Reconstruction & Development and Dutch Financial Company of Development (FMO).