Changes have been made to the leadership of the Management Boards of Bank Respublika and AccessBank, APA-Economics reports.
AccessBank Chairman of the Management Board David Tsiklauri has left the bank following a decision by shareholders. He has been replaced by Tariyel Ismayilov, Chairman of the Management Board of Bank Respublika.
Meanwhile, Deputy Chairman Aslan Abbasov has been temporarily entrusted with the duties of Chairman of the Management Board of Bank Respublika.
Note that Bank Respublika has completed the transaction to acquire 100% of AccessBank's shares. Under the terms of the transaction, AccessBank's former shareholders will receive newly issued preferred shares representing 25% of Bank Respublika's charter capital.
The banks are expected to operate separately at the initial stage and subsequently merge in accordance with the relevant regulatory requirements.
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