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One more Azerbaijan-based bank seeks foreign investors

One more Azerbaijan-based bank seeks foreign investors

11 November 2008 09:55 (UTC +04:00)

Zaur Hajiyev, chairman of the audit committee at the bank, said the bank has offered a 25%+1 stake to EBRD and a 10% stake to BSTDB.
â€œTheir taking equity stakes will contribute to our bankâ€™s institutional development. However, these financial institutions take a prudent approach because of the current trends in the global financial market. We have submitted our latest financials to both of them. We hope this issue will be solved next year,â€ he added.
As of October 1, Mughan Bankâ€™s assets stood at AZN 91.851 million, loan portfolio at AZN 67.294 million, deposit portfolio at AZN 34.434 million, total capital at AZN 14.981 million and authorized capital at AZN 12 million.
Owned by 4 individuals, Mughan Bank has been in operation since 1992. The bank operates 23 branches, 25 ATMs and 62 POS-terminals.

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