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Mugan Bank to attract a strategic equity investor next year

Mugan Bank to attract a strategic equity investor next year

25 June 2009 15:35 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Mugan Bank may involve a strategic equity investor in 2010, said Elmir Hasanov, Chairman of the Bank.

â€œNegotiations are under way. We are trying to conclude negotiations before this yearend. A delay is possible in this process,â€ he added.

Elmir Hasanov declined to name the international financial institution, saying a tentative agreement has been reached.

Owned by four individuals Mugan Bank has been in operation since 1992.
As of 1 April, assets amounted to AZN 108.783 million, deposit portfolio - AZN 44.170 million, credit portfolio - AZN 69.753 million, total capital - AZN 20.428 million authorized capital stock â€“ AZN 18 million.

The bank operates 25 branches across the county.

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