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Major Azerbaijani bank changes its name

Finance Materials 22 November 2018 20:09
Azerbaijan's Silk Way Bank will be named Premium Bank from Nov. 23.
Major Azerbaijani bank changes its name

Baku, Azerbaijan, Nov. 22

By Sara Israfilbayova -Trend:

Azerbaijan's Silk Way Bank will be named Premium Bank from Nov. 23.

The bank has not specified whether the name change will affect its activities. This is the second name change for the bank.

Silk Way Bank has been operating in Azerbaijan since 1994. The bank began its activity under the name AZAL Joint-Stock Commercial Bank. In 2008, the bank changed its name to Silk Way Bank.

Shareholders of the bank are Zarifa Hamzayeva (84.5 percent), VIP Aviation Services LLC (15.2 percent, a part of Silk Way Holding) and chairman of the supervisory board of the bank, Elchin Ahmadov (0.3 percent).

In September 2018, the bank's assets exceeded 614 million manats, including 554.67 million manats of loan portfolio. The liabilities of the bank amounted to 466.3 million manats and the deposit portfolio to 442.62 million manats. The share capital of the bank exceeds 132 million manats.

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