AG Bank, Bank Standard merging (UPDATE)
details added (first version posted at 9:24)
Baku, Azerbaijan, Feb. 12
By Azad Hasanli - Trend:
AG Bank and Bank Standard have decided to merge. In this regards, a protocol of intention has been recently signed.
A working group consisting of representatives of both banks has been created on the basis of a preliminary agreement, AGBank said Feb. 12.
The group will work on the implementation of the consolidation project.
AGBank reached an agreement on consolidation with Demirbank in January. But Demirbank's shareholders refused from merging, referring to the unreasonableness of such an action.
Currently, the bank is not negotiating about merging with other banks, DemirBank told Trend Feb. 11. There are no such plans in the near future.
AGBank has been operating in Azerbaijan since 1992, while DemirBank, the first commercial bank in the country, started working in 1989.
Bank Standard was established in 1995. At present, the bank is one of the largest private commercial banks in Azerbaijan, which is among the leaders in terms of deposits.