JSC Caspian Development Bank plans to open a specialized mortgage subsidiary in Baku.
According to the report by the main shareholder (Synergy Group), the management also plans to establish a branch network, starting with the cities of Quba and Barda.
JSC Caspian Development Bank (previously Kovsar Bank) was established in 1988, and in December of last year the bank's shareholders changed. In particular, the major shareholder of the bank is the Azerbaijani Synergy Group founded in 2010. It is one of the largest private investment holdings in Azerbaijan. The bank's authorized capital is 50.02 million manats. --17D-
Economics
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The black boxes from the AZAL aircraft have been returned to Kazakhstan from Brazil and handed over to the investigation commission for analysis of the aviation accident that occurred near Aktau Airport on December 25, Kazakhstan's General Prosecutor's Office reported.
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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