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Azerdemiryolbank changes its brand

02 October 2009 12:27 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerdemiryolbankâ€™s general meeting of shareholders has approved a decision to change the bankâ€™s name to DemirBank, saud Rehman Hajiyev, Chairman of the Supervisory Board.

According to him, necessary legal procedures associated with the name change will be carried out.

He said the change of the bank’s name will not affect existing contracts with customers and partners. All existing contracts and agreements will remain in force.

In his words, the "strong brand" is of paramount importance in the face of increased competition in the banking sector.

Earlier, the bank collected suggestions from the public and advertising agencies to choose the best name.

Established in 1989, Azerdemiryolbank is owned by the European Bank for Reconstruction and Development (25% +1), Netherlands Development Finance Company (FMO) (10%) and legal entities (10%) and 850 individuals.