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Is Bankasi changed name and foreign shareholder

Business Materials 25 April 2006 16:28

The Azerbaijani- Turkish Is Bankasi passed a registration in the Justice Ministry and National Bank of Azerbaijan in order to change its name to Bank of Baku. The change of the name is connected with the change in the structure, the bank told Trend. The Turkish company Turanlar Dish Ticaret resold its packet of assets (1%) to the Dubai company, NEM. And two more physical persons became the bank` s shareholders.

The bank` s founding capital is 10m AZM. The nominal cost of one asset is 20 AZM. However, the founding capital is expected to be increased to 20m AZM this year. It is also expected to sell 20% of all assets via the Baku Stock exchange and other shareholders. More shareholders are planned to be attracted from a number of financial institutions, including EBRD.

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