Demir Bank’s Staff Decreased by 221 People in H1, 2016

In the first half of 2016 Demir Bank closed three of its branches. The bank reported that on the website of the electronic disclosure system of accountability (disclosure.az). The branches Bakikhanov, Icheri Sheher and Khirdalan closed.

During the reporting period, the number of bank employees was reduced from 1,008 to 787 (by 221).

Demir Bank began operating in 1992. The bank's authorized capital is 21 million manat. The bank's shareholders are 815 individuals and 18 legal entities. The largest shareholder among legal entities is the European Bank for Reconstruction and Development - 25%. Among individuals, the biggest share belongs to the head of the Supervisory Board Rahman Hajiyev - 19.72%.

Recall that on November 11, Fitch Ratings downgraded the issuer default rating of OJSC Demir Bank from «B-» to «CCC». The rating agency lowered the level of the short-term rating to "C" from "B".

The agency noted that the bank was unable to solve the capital problems and is in urgent need of external support to restore its solvency. ---71D

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