Bank of Azerbaijan quits talks with Societe Generale

Bank of Azerbaijan quits talks with Societe Generale
# 17 December 2008 13:34 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Bank of Azerbaijan will not add a foreign investor to its list of shareholders next year, said Khayal Sherifzade, Chairman of the Bank.
He said the bank quitted negotiations with Societe Generale after the parties reached disagreement.
“Societe Generale expressed intention to acquire a controlling stake in our bank, considering its good financial performance and development capacity. However, Bank of Azerbaijan had an intention to have a strategic foreign investor,” he added.
According to him, the bank has no plan to attract a foreign investor next year although several foreign banks take interest to take a stake.
As of October 1, Bank of Azerbaijan’s assets stood at AZN 110.384 million, loan portfolio at AZN 90.121 million, deposit portfolio at AZN 42.503 million, total capital at AZN 20.684 million and authorized capital at AZN 14.635 million.
Owned by NEM Holding and two individuals, Bank of Azerbaijan has been in operatin since 1993. The bank operates 18 branches, 35 bureaux de change, 22 ATMs and 122 POS-terminals.
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