Consolidation of two Azerbaijani banks completed
Baku, Azerbaijan, June 1
By Azad Hasanli – Trend:
The process of consolidation of two Azerbaijani banks – AtaBank and Caspian Development Bank – has been completed, Chairman of AtaBank’s Management Board Dayanat Guliyev said at a press conference in Baku June 1.
Guliyev noted that as a result of the consolidation, sufficient financial reserves have been formed and the bank’s capital position has been strengthened.
According to him, as of today, after the consolidation, the bank’s total capital reached 142.7 million manats, assets – 607.3 million manats and loan portfolio – 546.1 million manats.
The merger of AtaBank and Caspian Development Bank was announced on April 18, 2017. As it was reported, Caspian Development Bank will be reorganized and liquidated, and its assets will be transferred to AtaBank.
Under the decision of general meeting of the two banks’ shareholders, Dayanat Guliyev became chairman of Management Board of the renewed AtaBank, and Farah Mammadova – chairman of the Supervisory Board.
PwC multinational accounting firm was attracted to evaluate the assets of the two banks due to their reorganization.
After the consolidation of these two banks, 31 banks operate in Azerbaijan, including the two state-owned ones.
AtaBank has been operating in Azerbaijan since 1993.