Weekly actual topics in Azerbaijan (Aug. 25-29)

Analysis Materials 2 September 2014 13:11 (UTC +04:00)

State supervisor of one of Azerbaijani banks replaced

Ownership of a 50 percent stake in AzerTurkbank JSC was transferred by the Ministry of Finance of Azerbaijan to the State Committee for Property Affairs, the committee said.

This is a standard procedure, the agency spokesman said.

"This does not mean that the bank will be nominated for privatization," the committee said. "In many companies with a share of the state the management of state property is transferred to the State Committee," the committee added.

It should be stressed that in the last month of this year the Ministry of Finance of Azerbaijan bought out 50 percent of AzerTurkbank JSC shares, 46 percent of the shares of the Agrarcredit non-bank credit organization and 4 percent of TuranBank JSC shares.

Some 46 percent of the remaining shares are owned by the Turkish T.C.Ziraat Bankası, 4 percent by Ziraat Bank Intenational AG (Germany).

The bank plans to increase the share capital in future, which currently comprises 12.24 million AZN, Trend was told earlier by the bank.

The first general meeting of shareholders in the new line-up will take place early next week.

Former shareholder of AzerTurkbank declined to comment on the sale of shares of the bank, citing the fact that the details can be announced only after the AGM.

The structure of AzerTurkbank JSC is expected to change, and it is possible that innovations will also be introduced within the scope of the bank's activities, sources on the bank market told Trend.

The total capital of the bank on July 1, 2014 is 16.84 million AZN, assets account for 97.93 million AZN, and credit portfolio for 60.75 million AZN.

AzerTurkbank was established May 25, 1995.