Two big commercial banks to merge in Azerbaijan
Baku, Azerbaijan, Jan. 26
By Azad Hasanli - Trend:
Azerbaijani AGBank and DemirBank signed a protocol of intent about merging, AGBank told Trend Jan. 26.
The protocol has been signed this week.
"This is still an intention, that is, two legal entities signed a protocol of intent about merging, their further actions that must lead to the merger and establishing a strong bank," the bank said.
AGBank has not disclosed any details, saying that at present, there is no plan of action and the format of the consolidation and various details will be discussed in the future.
AGBank's ATMs were replaced for those of DemirBank in a number of Baku's districts a few days ago.
AGBank has been operating in Azerbaijan since 1992. Among the shareholders are the International Finance Corporation, Kazimir Partners company, as well as physical entities Chingiz Asadullayev and Farzulla Yusifov.
DemirBank, the first commercial bank of Azerbaijan, has started working in 1989. Among its shareholders are large international financial institutions, including the European Bank for Reconstruction and Development and Netherlands Development Finance Company (FMO).