Azerbaijan’s NIKOIL Bank and non-bank credit organization TBC Kredit (subsidiary of Georgian TBC Bank) are holding negotiations on the merger.
To this end, both parties have signed an agreement on strategic partnership.
A source close to the negotiations said that it was too early to talk about the actual merger, because there were still a lot of issues left unresolved.
“Currently, the shareholders of both entities simply have the intention to merge NIKOIL Bank and TBC Kredit, but the negotiations on this issue can last for more than one month. There are still many issues that the parties have not solved. The merger should be approved by the regulator-the Financial Markets Supervision Chamber,” the source said.
NIKOIL Bank will also study in the framework of the agreement the experience of the Georgian banking sector in the field of retail lending, lending to small and medium-sized businesses, as well as digital banking. TBC Bank will be represented in the Board of NIKOIL Bank and will participate in the development of the bank. (Trend/Business World Magazine)
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