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Azerdemiryolbank changes its name to DemirBank

14 October 2009 15:03 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerdemiryolbank will operate as DemirBank from next week, said Roman Amirjanov, Chairman of the Bank.

The bankâ€™s general meeting of shareholders has approved a decision to change the bankâ€™s name.

According to him, necessary legal procedures associated with the name change are under way and documents have been submitted to the Ministry of Taxes for registration.

The change of the bankâ€™s name will not affect existing contracts with customers and partners. All existing contracts and agreements will remain in force.

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.