On August 25 there will be an extraordinary general meeting of shareholders of JSC VTB Bank (Azerbaijan) - a subsidiary of Russian Vneshtorgbank with a controlling stake. The management report is not mentioned on the agenda. However, according to experts, there is an urgent financial situation.
JSC VTB Bank (Azerbaijan) was established in November 2008, based on AF Bank, since the Central Bank of Azerbaijan transferred 51% of it to the Russian Vneshtorgbank. Today, the bank's authorized capital is 50 million 815 thousand AZN. The main share (51%) is owned by Vneshtorgbank, 48.99% is owned by Ata Holding, and 0.01% - by an individual.
The bank provides services to corporate clients and small businesses, as well as private clients, and has 15 branches. --17D-
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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