Azer-Turk Bank Actually Nationalized

Turkish Ziraat Bankasi parts with the assets of Azer-Turk Bank, which will become an Azerbaijani bank with 85% of the "local registration" securities.

Previously, the agency wrote about the intention of Ziraat Bankasi to open independent business in Baku, with no affiliation. This gave rise to organizational changes in the composition of Azer-Turk Bank. During yesterday’s Extraordinary General Meeting of Shareholders new top management bodies of the bank were elected and decisions were taken to increase the share capital.

Thus, they elected the Chairman of the Supervisory Board, Famil Ismayilov, and his companions, Samir Nasibov and Mugdat Ismayilov. Elmar Mammadov was elected the Chairman of the Board and Farhad Adygezalov and Rumia Mammadova were elected his deputies.

Fouad Ganjaliyev was appointed Chairman of the Audit Committee and Araz Khalafov and Parvin Manafov became its members.

While earlier more than 50% of its shares (total 44.2 million AZN) belonged to the Turkish capital, now 37.5 million manat (85%) belongs to the government of the country, 6.2 million manat or 14% belongs to the said Ziraat Bankasi and 500,000 manat or 1.13% belongs to its subsidiary Ziraat Bank International AG.

The shareholders intend to increase the authorized capital to 50 million manat to the end of December, as decided.

Azer-Turk Bank was established May 25, 1995. The existing shares are as follows: Ziraat Bankasi - 46%, Ziraat Bank International AG - 4%, and the State Property Committee - 50%.

The redistribution of the shares owned by the Azerbaijani side was carried out in the summer of 2014. In the establishment, the co-owners were the non-bank credit organization Agrarkredit – 46% and Turan Bank - 4%. --17D-