The process of uniting banks

Two commercial banks AGBank and Demirbank decided to join by signing a protocol of consolidation, said on January 26 Elman Rustamov, a chairman of the Central Bank Elman Rustamov. Taking  into account  the fact that both banks  have the same power the experts believe that  the  merger will occur on an equal basis. AGBank  has been operating since 1992. At present, its three founders are: the International Finance Corporation - 17.5%, the company Kazimir Partners - 10,0%, Chingiz Asadullayev - 23.270% Farzulla Yusifov - - 17.767%. Another 31.463% of shares own  61 minority shareholders.

Chairman of the Supervisory Board is Chingiz Asadullayev. He was twice elected deputy  of the country's parliament. However, after winning last year's elections, the CEC canceled the results of the election in his district at the last moment. The media argued about business links  of Asadullayev with  the disgraced head of MNS Eldar Mahmudov. The banker denied these reports.

DemirBank (formerly called Azerdemiryolbank) has been operating since 1989, and is the first private bank in the country. Currently, the "25% + 1 share" in the bank  is owned by the European Bank for Reconstruction and Development (EBRD). Another 10 percent of the shares belong to another foreign shareholder - Dutch Finance Development Company (FMO).  Nothing is reported on the site about the local shareholders of the bank. According to unofficial data, the main owner of the shares is Rahman Hajiyev - Chairman of the Supervisory Board of the bank. Today in Azerbaijan there are 39 banks having licenses of the CBA. Earlier, the head of CBA Elman Rustamov spoke about the possibility of combining  five or seven banks. —06D--