In late July, a general meeting of shareholders of the joint Azerbaijani-Turkish JSC Azer-Turk Bank will be held.
According to the report of the financial structure, they will discuss issues related to the future activities of the bank. Discussions will be related to the increase in the state share in the authorized capital - so that from 1 January 2015 the share in the assets structure of the State Committee for Property Affairs will be not 75% as previously, but 87.37% - through the purchase of securities previously owned by the Turkish Ziraat Bank. The bank left the shareholders of Azer-Turk Bank, as it obtained a license of CBA to conduct independent financial activities.
JSC Azer-Turk Bank was created in May 1995. Its main shareholder is the State Committee for Property Affairs with 87.37%, the reinsurance company AzReTekrarsigorta has 6.55%, the local life insurance company Qala Hayat Sigorta has 5% and Ziraat Bank International has 1.08%. --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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