Azer-Turk Bank to Determine Activity This Year

The Extraordinary General Meeting of Shareholders of JSC Azer-Turk Bank will be held on April 17, according to the announcement of the bank. In this case, the agenda of the meeting is not specified.

However, according to observers, this is due to the fact that the Turkish financial structure Ziraat Bankasi parted with assets in the said bank, which was no longer a joint but a local bank with a 85% "Baku residence" of the securities. The last meeting of shareholders was held in early December. Then Famil Ismayilov was elected the Chairman of the Supervisory Board of the bank, and Samir Nasibov and Mugdat Ismayilov became his companions. Elmar Mammadov became Chairman of the Board and Farhad Adygezalov and Rumia Mammadova became his deputies.

If before more than 50% of its shares (total 44.2 million AZN) belonged to the Turkish capital, now 37.5 million AZN (85%) is owned by the government of the country, 6.2 million manat or 14% is owned by the said Ziraat Bankasi and 500 thousand manat, or 1.13% is owned by its subsidiary Ziraat Bank International AG.

Azer-Turk Bank was established in May 1995. The authorized capital is 50 million manat. The shareholders are the State Committee for Property Affairs of Azerbaijan (75%), Turkish Ziraat Bank (12,37%), Ziraat Bank International (1.08%), Azerbaijani reinsurance company AzReTekrarsigorta (6.55% share) and specialized life insurance company Qala Hayat Sigorta (5%). --17D-