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Nakhchivan Bank unveils business plan for 2008-2013

11 September 2008 11:09 (UTC +04:00)

Nakhchivan. C.Gurbanoghlu - APA. Azerbaijanâ€™s newly established Nakhchivan Bank launched operation yesterday.
An opening ceremony for the main building of the bank in Nakhchivan was attended by Sabuhi Mammadov, Chairman of Nakhchivan Department of the National Bank of Azerbaijan and Vasif Talibov, Chairman of the Supreme Assembly of Nakhchivan AR.
According to the business plan for 2008-2013, the bank plans to open branches in Baku and in all districts of Nakhchivan AR by 2010.
It is planned to establish corporate management system in 2008-2010, branch network and customer base, set up loan and deposit portfolio and organize leasing, brokerage and insurance subsidiaries. The bank will provide financial services to the population, small and medium-sized businesses.
By meeting the demand for financial services, the bank intends to become a financial holding. Besides, it is planned to receive inexpensive and long-term resources from international financial institutions and get access to world banking market.
Azerbaijan Electronics (AZAL) won a contract to install a Progress banking software in. Progress banking software is based on Oracle platform.
The National Bank of Azerbaijan granted a license to Nakhchivan Bank last month.
The bank was registered by the Ministry of Taxes in May.
The bankâ€™s authorized capital is AZN 10 million, the number of shares is 1 million and the value per share is AZN 10.
Nakhchivan Bankâ€™s charter members are 7 individuals, namely Talibov Vugar Ilgar (10%, 100 000 shares), Sultanova Sevil Rza (10%, 100 000 shares), Abbasov Vugar Zakir (30%, 300 000 shares), Emin Uchar Rasul (Turkish citizen, 30%, 300 000 shares), Teymurov Vughun Bebir (5%, 50 000 shares), Aliyeva Tunzale Meydan (5%, 50 000 shares) and Talibov Rza Vasif (10%, 100 000 shares).
The bankâ€™s Supervisory Board members are Mirdjavadova Khuraman Abbas, Kazimov Vasif Ali and Babayev Alidadash Adil.
The bank is based in 3, N. Aliyev Street, Nakhchivan.
Nakhchivan Bank is the second regional bank in Azerbaijan after Gandjabank.