The process of consolidation of two Azerbaijani banks – AtaBank and Caspian Development Bank – has been completed, Chairman of AtaBank’s Management Board Dayanat Guliyev said on June 1.
Guliyev noted that as a result of the consolidation, sufficient financial reserves were formed and the bank’s capital position had been strengthened.
According to him, as of today, after the consolidation, the bank’s total capital reached 142.7 million manats, assets – 607.3 million manats and loan portfolio – 546.1 million manats.
The merger of AtaBank and Caspian Development Bank was announced on April 18.
Under the decision of general meeting of the two banks’ shareholders, Dayanat Guliyev became chairman of Management Board of the renewed AtaBank, and Farah Mammadova – chairman of the Supervisory Board.
PwC multinational accounting firm was attracted to evaluate the assets of the two banks due to their reorganization.
After the consolidation of these two banks, 31 banks now operate in Azerbaijan, including the two state-owned ones.
AtaBank has been operating in Azerbaijan since 1993. (Trend/Business World Magazine)