UniBank to offer an equity stake to a foreign investor

UniBank to offer an equity stake to a foreign investor
# 24 September 2009 14:23 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based UniBank is in negotiations with Humgarian OTP bank on the sale of an equity stake, said Eldar Garibov, Chairman of the Bank’s Supervisory Board.

According to him, UniBank submits quarterly financial performance reports to OTP Bank.

“How fast this process will be completed depends on OTP Bank,” he added.

OTP Bank has offered to take a 51% controlling stake in UniBank.

Owned by EBRD (15.15%), DEG Investment Corporation (8.33%), legal entities (0.9%) and individuals (75.62%), UniBank has been in operation since 1992. It operates 24 branches across the country.
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