Millicart center to be managed by 22 commercial banks

Business Materials 23 June 2006 17:00 (UTC +04:00)

First constituent assembly will be held in the end of June linked to passing Millicart processing center by National Bank of Azerbaijan to commercial banks, Trend reports quoting Alim Guliyev, first deputy chairman of NBAs board. Upon the assembly, documents on establishing a new legal entity will be passed to the Ministry of Justice.

Guliyev said the center was established within WBs project В"Technical РўРµС...нической assistance to Azerbaijans financial sectorВ", so the consultations with the bank took place. Approval of the State Privatization committee has been approved too as NBA is a governmental entity. All legal aspects of the deal have been coordinated, Guliyev outlined.

The center will be passed to management of 22 banks (16 banks joined initiative group of 6 banks). Guliyev does not rule out the list extension by a couple of banks. This week, common assembly of founders was held and an open joint-stock company will get setup based on Millikart.

The banks will equally participate in the center. The deal will be closed at cost price equal to 3.5mln AZN. Fro this amount, some 1.7mln fall for WBs credit and 1.8mln for NBAs account.

В"According to the agreement between banks and the National Bank, the center will be established with initial capital 2.5mln, from which 1.8mln will be returned to NBA and remaining 700k manat used as initial capital for operationsВ", - Guliyev underlined. In three years, the center capital will be raised to 3.5mln manat through shares emission.