Baku, Azerbaijan, Apr. 27
By Azad Hasanli – Trend:
Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov has been re-elected as an independent member of the Supervisory Council of VTB Bank OJSC for the next term, SOFAZ said in a message Apr. 27.
This was decided at the Annual General Meeting of the shareholders of VTB Bank OJSC, held on April 26, 2017, in St. Petersburg, Russia.
During the meeting, shareholders discussed the bank’s annual report and annual financial statements for 2016, profit allocation for 2016, dividends, dividend payment date and form, election of the members of the Supervisory Council and Statutory Audit Committee, selection of auditor for next financial year and other issues.
In 2013, SOFAZ purchased newly issued shares of the VTB Bank OJSC in the amount of $500 million and acquired 2.95 percent of total shares of the bank.
Earlier, Shahmar Movsumov said that SOFAZ is a long-term investor and is not going to sell its share in VTB. According to him, to date, SOFAZ has received dividends from VTB in the amount of $25 million.
VTB Bank OJSC is represented in Azerbaijan through its subsidiary – OJSC VTB Bank Azerbaijan. VTB Bank Azerbaijan renders services to corporate business customers, small businesses and private clients.