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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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