Baku, Azerbaijan, Oct. 16
By Azad Hasanli – Trend:
Unibank is not negotiating consolidation with other banks operating in the Azerbaijani market, Faig Huseynov, chairman of the Management Board at Unibank, said in an exclusive interview with Trend, commenting on rumors of merger with DemirBank.
He reminded that Unibank was formed in 2002 following the merger of two banks – Mbank and PromTexBank.
“In the past, our bank went through the successful merger, we have the relevant experience. Since then, the Central Bank, and now the Financial Market Supervisory Authority regard us as a bank potentially capable of getting through another consolidation. However, we are currently not holding talks on consolidation with other banks,” Huseynov noted.
However, Unibank has always been and remains open to any such possibilities, including consolidation, according to him.
“It is no secret that today banks are experiencing difficult times, in fact, like many other sectors. Some [banks] have issues with the level of capitalization and in such a situation, consolidation is quite a natural step. But the merger of two banks is a very difficult question. The will of both sides, similar mentality, vision..., readiness to make concessions are needed," he said, adding that consolidation ultimately has a positive effect on the sector as banks get additional synergy.
Following the merger, the European Bank for Reconstruction and Development (EBRD) and German Investment Corporation (DEG) became shareholders of Unibank.