JSC Azerbaijan Credit Bank decided to strengthen the leadership position. As head of the Supervisory Board, they appointed Emil Rzayev, who is the former chairman of the local BTB Bank, the majority of whose shares belong to the family of the head of the Presidential Administration Ramiz Mehdiyev. According to the press service of JSC Azerbaijan Credit Bank, the former head of the Supervisory Board was Shirkhan Abbasov.
Observers attribute this step to the lowest level of the share capital (11,430,000 manat) and its inability to bring it to the minimum level of capitalization (AZN 50 million) set by the Central Bank of the country. Hence, it is possible the bank will be absorbed by the aforesaid larger counterpart.
JSC Azerbaijan Credit Bank received a license to operate in December 2005. Its shareholders are three members of the Shirkhan Abbasov family (36.64% stake). --17D-
Economics
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