NIKOIL Bank, subsidiary of Georgian bank in Azerbaijan plan to merge
Baku, Azerbaijan, July 26
By Azad Hasanli - Trend:
Azerbaijan's NIKOIL Bank and non-bank credit organization TBC Kredit [subsidiary of Georgian TBC Bank] are holding negotiations on the merger, Georgian media reported.
The media noted that, to this end, both parties signed an agreement on strategic partnership.
A source close to the negotiations told Trend that, it is too early to talk about the actual merger, because there are still a lot of issues left unresolved.
"Currently, the shareholders of both entities simply have the intention to merge NIKOIL Bank and TBC Kredit, but the negotiations on this issue can last more than one month. There are still many issues that the parties have not solved. The merger should be approved by the regulator-the Financial Markets Supervision Chamber," the source said.
Georgian media reported that, NIKOIL Bank will also study in the framework of the agreement the experience of the Georgian banking sector in the field of retail lending, lending to small and medium-sized businesses, as well as digital banking. The media also reported that TBC Bank will be represented in the Board of NIKOIL Bank and will participate in the development of the bank.
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