Baku, Azerbaijan, April 15
By Azad Hasanli - Trend:
Azerbaijan Industrial Bank (AIB) has sold part of its stake in the Millikart processing center, the bank's financial report says.
The bank, owning a 12.4 percent share in the Millikart processing center, has sold 2.4 percent of its shares. The total value of the bank's stake package in the Millikart processing center reduced from 620,000 manat to 500,000 manat [10 percent stake package].
The sale of shares did not affect the composition of Millikart's shareholders. As before, among them are 18 banks: AtaBank, Azer-Turk Bank, Amrahbank, Accessbank, Azerbaijan Industrial Bank, Bank of Baku, Bank Respublika, Bank Standard, TexnikaBank, Demirbank, the European Bank for Reconstruction and Development, KredoBank, Parabank, Rabitabank, Turanbank , Unibank, Xalq Bank, Zaminbank.
Currently, AIB owns 10 percent (120,000 manat) of the Baku Stock Exchange's shares, 25 percent (2.75 million manat) of the Azerbaijan Industrial Insurance Company's shares, 100 percent (800,000 manat) of the Azerbaijan Industrial Leasing Company's shares and 12.5 percent (1.42 million manat) of shares of the International Bank of Azerbaijan's subsidiary in Georgia.
Azerbaijan Industrial Bank was founded in 1996 (former Capital İnvestment Bank). The bank founded the Azerbaijan Industrial Insurance Company in 1996 and the Azerbaijan Industrial Leasing Company in 2004. The bank was named as Azerbaijan Industrial Bank in 2005. Some 10 branches of the bank are operating in the country.
Millikart was established in 2005 as a department of the Central Bank of Azerbaijan. Millikart LLC was established in July 2006 after the processing center was bought out by 18 commercial banks of the country. The EBRD is one of the shareholders of the center. Millikart's authorized capital is five million manat.
As of April 15, the official exchange rate is 1.5218 AZN/USD.