Azerbaijani bank with Turkish share forms new management
Baku, Azerbaijan, Dec. 9
By Maksim Tsurkov - Trend:
The leadership of "Azer-Turk Bank" has changed due to a decreased joint stock share of Turkish "Ziraat Bankasi" in the same bank.
The new top management of the bank was elected, as well as the decisions were made to increase the share capital during the recent extraordinary general meeting of shareholders, the bank told Trend Dec. 9.
Famil Ismayilov was elected chairman of the Supervisory Board upon a decision of the shareholders' meeting. The board also included Samir Nasibov and Mugdat Ismayilov.
The board of the bank was re-formed as well. Elmar Mammadov was appointed the chairman, while Farhad Adigozalov and Rumia Mammadova were elected as his deputies.
Fuad Ganjaliyev was appointed chairman of the Audit Committee. Araz Khalafov and Parvin Manafov were elected committee members.
The bank's authorized capital is currently equal to 44.2 million AZN and 37.5 million AZN (85 percent) falls to the share of Azerbaijani state, 6.2 million AZN (14 percent) is owned by Turkey's Ziraat Bankası, while 0.5 million AZN (1 percent) belongs to Ziraat Bank Intenational AG.
The official exchange rate on Dec.9 is 0.7845 AZN/USD.
Moreover, during the meeting, it was decided to increase the bank's authorized capital to 50 million AZN by late 2014.
Azer-Turk Bank JSC was founded on May 25, 1995. Previously, the share of Ziraat Bankasi in the joint bank was 46 percent, while 4 percent was owned by Ziraat Bank Intenational AG and 50 percent belonged to the State Property Issues Committee of Azerbaijan.
The block of shares owned by the Azerbaijani side was redistributed in the summer of 2014. When founding the bank, the co-owners were Agro-Industrial Bank (currently, Aqrarkredit non-banking credit organization - 46 percent) and Turan Bank (4 percent).
Edited by SI
Maksim Tsurkov is Trend Agency's staff journalist, follow him on Twitter: @MaksimTsurkov