The JSC "AGBank" announced about signing the Protocol of intent on consolidation with JSC "Bank Standard". This is the second attempt of "AGBank" to stay in the country's financial market.
Under the agreement, a working group with the participation of representatives of the two banks will develop the principles and conditions of the merger of "AGBank" from "Bank Standard" CJSC.
Previously "AGBank" signed such a preliminary agreement with the OJSC "Demirbank" in January this year. However, the "engagement" did not take place, as the parties were unable to agree on the main issues.
The CJSC "Bank Standard" was created in 1995 and is owned by JSC "AB Standard", which is 100% owned by a former member of the government of Azerbaijan Heydar Babayev. The bank's assets for January 1, 2014 totaled 994 million manat.
The OJSC "AGBank" has been functioning since 1993. The shareholders of the Bank are the International Finance Corporation - 17.5%, the company «Kazimir Partners», and more than 60 individuals. For January 1, 2015 the bank's assets reached 490 million manats.-- 08B-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review