Baku, Azerbaijan, Feb. 11
By Azad Hasanli - Trend:
Azerbaijani DemirBank's shareholders refused to merge the bank with AGBank, read a statement posted on DemirBank's website Feb. 11.
"DemirBank and AGBank signed a protocol of intent about merging in January," the statement said. "Afterwards, DemirBank's management discussed this issue. The possible impact of the consolidation on both banks and generally on the sector was considered."
"The [bank's] supervisory board considered the interests of shareholders, depositors, foreign lenders and other shareholders," the statement said. "Following the talks, the supervisory board decided that it is inexpedient to consolidate."
AGBank has been operating in Azerbaijan since 1992, while DemirBank, the first commercial bank in the country, started working in 1989.