EBRD PURCHASED 20 PERCENT OF SHARES OF AZERBAIJANI UNIBANK

05.09.2003 [18:53]
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An agreement on purchase of 20 percent of shares of the Azerbaijani UNIBANK by the European Bank for Reconstruction and Development (EBRD) was signed on September 5 in Baku. Today, this financial credit organization has become the first bank in Azerbaijan, having one of the biggest financial international institutions among its shareholders, Eldar Garibov, Chairman of the Observation Board of UNIBANK said. This agreement, he said, is the achievement of the whole banking sector of Azerbaijan.

UNIBANK, founded as a result of uniting of MBank and Promtechbank, reached good growth results - from 70 up to 100 percent on key directions for less than a year’s activities. Assets of the bank, credit portfolio as well as the volume of attracted deposits, having increased twice for recent 8 months, came to 97,6 billion, 57,4 billion and 12,4 billion manats accordingly.

This agreement is another evidence of stability of development of Azerbaijan, In the years of 1992-1993, we could not even imagine that within 10 years, funds of the most prestigious international financial organizations will be invested to economy of our country. It has become possible due to policy carried out by President Heydar Aliyev, Chairman of the Board of the National Bank of Azerbaijan Elman Rustamov said.

EBRD PURCHASED 20 PERCENT OF SHARES OF AZERBAIJANI UNIBANK

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