Central Bank: Texnikabank may in future be admitted to pension payments in Azerbaijan

Business Materials 9 May 2012 09:24 (UTC +04:00)

Azerbaijan, Baku, May 9 / Trend A.Akhundov /

The Central Bank of Azerbaijan (CBA) does not exclude future involvement of Texnikabank to pensions payment in the country, CBA Chairman Elman Rustamov told Trend earlier.

Texnibank was one of three winners of the tender for the work on the organization of pension payments by plastic cards held by the State Social Protection Fund (SSPF) of Azerbaijan. However, the CBA considered appropriate, given the current state of Texnibank, not to take risks when granting pensions, so the bank was refused participation. Pensions in Azerbaijan will be paid, as before, by two banks - International Bank of Azerbaijan and Kapital Bank.

"Under present conditions, we considered participation of Texnikabank in such a sensitive social project risk for pensioners. In response of the SSPF appeal, we recommend not to accelerate the process, wait until the situation stabilizes in the bank, until there comes a new management team, and then only to consider the bank's participation in this project," Rustamov said.

He said shareholders are strengthening management of the bank at present.

"A new team has come to the bank that aims to ensure the stability of the bank's management under the circumstances. This is decision of shareholders, not of the Central Bank," Rustamov said.

At the extraordinary general meeting of shareholders of the Texnika Bank held on Monday, a new composition of management board, consisting of five members, has been approved. Ulvi Mansurov was appointed chairman of the Management Board. The management board also includes: Yashar Safarov (first deputy chairman), Ayaz Garay-zadeh (deputy chairman), Orkhan Huseynov (board member) and Jamin Hajiyev (board member).

Texnika Bank has been operating in the country since 1993.