Initial date of EBRD’s Entrance to Millikart Defined

Business Materials 12 April 2007 18:40 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / The European Bank for Reconstruction and Development (EBRD) is expected to become a shareholder of the Millikart LTD, a card-processing centre, in the second half 2007.

Jalal Orujov, the Executive Director of Millikart reported that the EBRD can become a shareholder of Millikart no sooner than three months and at present time talks on participating in the share of the capital and amount of investments for stock packages are in progress.

The EBRD has given its official consent to participation in the centre's capital. The EBRD will sell 9% of its shares, held by one of the founder-banks of the center, which currently has 10% of the shares.

Resolution on the attraction of the EBRD to Millikart was adopted unilaterally by the founders of Millikart. The card-processing centre said this will give impetus to the development of the Millikart.

At present the minimal amount one shareholder can have of the centre's capital is 1% and maximum 10%. Millikart has eighteen shareholders with a general capita of AZN 4mln.

Some changes may be introduced into the centre's Charter for Processing for admitting new shareholders

The National Bank has signed a constituency agreement with eighteen banks regarding its transfer to management. Millikart was founded on 14 July 2006 and has been operating since 2 October 2006.

The statutory fund is at AZN 4mln. Atabank, Azerdemiryolbank, Azerturkbank, Bank of Baku, Azerbaijan Industrial Bank, Debutbank, Emrah Bank, Khalg Bank, Kredobank , Azerbaijan Micro Financing Bank, Parabank, Rabitabank, Republic Bank, Standard Bank, Texnikabank, Turanank, Unibank, and Zaminbank are the centre's founders.