Tweet
RUSSIA TRADE REPRESENTATIVE TO AZERBAIJAN: VNESHTORGBANK TO SOLVE ONLY SMALL FORMALITIES BEFORE ITS BAKU SUBSIDIARY OPENING
Azerbaijan Business Center
14.08.2008 14:13
Azerbaijan
Baku, Fineko/abc.az. The Russian government expects an upcoming
conclusion of a deal between Russia's Vneshtorgbank (VTB) and
Azerbaijan's AF Bank for acquisition of control block of shares in
the latter.
At today's press conference in Baku Russian trade representative
Yury Schedrin to Azerbaijan said that it remained to solve the issue
of separate formalities before registration of the VTB subsidiary
in Azerbaijan.
"We'd like the subsidiary would start operating already this month
as all condition for that have been implemented. In particular VTB
equipped its Baku office," Schedrin said.
VTB has already closed the Armenia's Savings branch in self-proclaimed
Nagorno Garabagh Republic striving to separate 20% of territory
from Azerbaijan.
"The question has been exhausted, and according to our contacts with
the National Bank of Azerbaijan, the latter is aware of real state
of affairs and does not see obstacles for beginning of VTB activity
beginning in the country," Schedrin said.
VTB also carried out upgrade of management structure and operating
activity of AF Bank. In a recent meeting with the Russian leader VTB
president Andrey Kostin stated that his Bank having branches in five
CIS countries is ready to open its offices in three more ones on the
CIS area.
At the same time the Russian Bank is planning to spread its system
of ruble settlements in its Commonwealth branches.
AF Bank, established on the basis of Continent Bank launched its
activities since December 2002 and was registered in the Ministry
of Justice in June 2003. The AF Bank's key shareholder is building
company Ugur-97 and its head Khasai Mokhnatov heads the Bank's
Supervisory Board.
In 2006-7 VTB sought in Azerbaijan a partner to open a subsidiary. The
Russian Bank claimed for purchase of control block of shares. This
year it announced completion of negotiations about acquisition of
control block of shares in one of the domestic banks.
Azerbaijan Business Center
14.08.2008 14:13
Azerbaijan
Baku, Fineko/abc.az. The Russian government expects an upcoming
conclusion of a deal between Russia's Vneshtorgbank (VTB) and
Azerbaijan's AF Bank for acquisition of control block of shares in
the latter.
At today's press conference in Baku Russian trade representative
Yury Schedrin to Azerbaijan said that it remained to solve the issue
of separate formalities before registration of the VTB subsidiary
in Azerbaijan.
"We'd like the subsidiary would start operating already this month
as all condition for that have been implemented. In particular VTB
equipped its Baku office," Schedrin said.
VTB has already closed the Armenia's Savings branch in self-proclaimed
Nagorno Garabagh Republic striving to separate 20% of territory
from Azerbaijan.
"The question has been exhausted, and according to our contacts with
the National Bank of Azerbaijan, the latter is aware of real state
of affairs and does not see obstacles for beginning of VTB activity
beginning in the country," Schedrin said.
VTB also carried out upgrade of management structure and operating
activity of AF Bank. In a recent meeting with the Russian leader VTB
president Andrey Kostin stated that his Bank having branches in five
CIS countries is ready to open its offices in three more ones on the
CIS area.
At the same time the Russian Bank is planning to spread its system
of ruble settlements in its Commonwealth branches.
AF Bank, established on the basis of Continent Bank launched its
activities since December 2002 and was registered in the Ministry
of Justice in June 2003. The AF Bank's key shareholder is building
company Ugur-97 and its head Khasai Mokhnatov heads the Bank's
Supervisory Board.
In 2006-7 VTB sought in Azerbaijan a partner to open a subsidiary. The
Russian Bank claimed for purchase of control block of shares. This
year it announced completion of negotiations about acquisition of
control block of shares in one of the domestic banks.