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Azerbaijani Processing Centre’s Board of Directors discuss structure’s activity in 2011

Business Materials 22 December 2010 17:01 (UTC +04:00)

Azerbaijan, Baku, Dec.22 / Trend N. Ismayilova /

Meetings within the annual meeting of the Board of Directors of the Azerbaijani Processing Centre (LLC) "Milli Kart", which is underway with the participation for the first time by a new shareholder - the European Bank for Reconstruction and Development (EBRD), will be completed by late 2010, Milli Kart executive director Jalal Orujov said today.

"Two meetings in which discussions of issues relating to the center's activity, the introduction of corporate management, and the center's business plan for next year, have been held already," Orujov said

He expects a third meeting to happen soon, where decisions about the activity of the center will be made.

The meeting expects to address the rotation for the post of chair of the Board of Directors. According to Orujov, the rotation issue has yet to be brough to light. For now the chair of the Board of Directors of Milli Kart is Unibank. The possibility that the EBRD may also obtain the right to lead the Board of Directors is not excluded.

About 12 banks are served in the system of Milli Kart. Today, the center issues 170,000 cards.

EBRD, along with obtaining the share in the center's capital, has also provided technical assistance worth $250,000.

Ltd. was established July 14, 2006 after 18 commercial banks redeemed a processing center of card payments from the Central Bank of Azerbaijan. At present, the minimum number of banks participating in the capital center is one percent. The maximum number allowed is 10 percent.

The founders of the center include Atabank, Demirbank, AzerTurkbank, Bank of Baku, Azerbaijan Senayye Bankasi, Debutbank, Amrahbank, Xalq Bank, Credo Bank, Access Bank, ParaBank, RabitaBank, Bank Respublika, Bank Standard, Texnika Bank, Turan Bank, UniBank and Zamin Bank . Milli Kart LLC was founded with a total capital of four million manat.

On Dec.22, the official exchange rate is 0.7987 manat to $1.

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