It Would Be Logical if Ata Bank Merged with Caspian Development Bank, and Not Vice Versa - Akram Hasanov

Baku / 19.04.17 / Turan: After the merger of Caspian Development Bank and Ata Bank, the first of them will change the name for the third time in its history, the bank expert Akram Hasanov wrote on his Facebook page.

He recalled that Caspian Development Bank was originally called Universal Bank, and then Kovser.

“This bank does not fulfill its early obligations and justifies it by changing its name. Probably, now Ata Bank will declare that it is not responsible for the obligations of Caspian Development Bank, it will not return deposits or pay for guarantees,” Hasanov said.

The expert believes that this is why it formally merges into Ata Bank, and not vice versa.

“The situation in Caspian Development Bank is better than the situation in Ata Bank and therefore it would be logical if Ata Bank merged with it. It is no coincidence that after the merger the head of the Supervisory Board will be a man from Caspian Development Bank. And this indicates who will be the main shareholder,” Hasanov said.

Recall that the news about the merger of two banks was distributed by Ata Bank.    ------71D