SOCAR Plans To Acquire Majority Stake In Azer-Turk Bank OJSC
Date
7/18/2024 1:54:26 AM
(MENAFN- AzerNews)
Nazrin Abdul
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The State Oil Company of Azerbaijan (SOCAR) has expressed its
intention to acquire a controlling stake in "Azer-Turk Bank" OJSC,
Azernews reports citing SOCAR.
This development was highlighted during the recent Supervisory
Board meeting led by Mikayil Jabbarov, Minister of Economy and
Chairman of the Supervisory Board.
The meeting commenced with a comprehensive presentation on the
"Extraction and Development" business segment, focusing on recent
achievements and outlining future objectives for continued success
in this area.
Following this, the board reviewed the current status of SOCAR's
"New Operating Model," emphasizing the progress made in enhancing
the company's management structure and advancing human capital
development.
A significant agenda item was the proposal for SOCAR to acquire
51% of Azer-Turk Bank's shares. The board discussed the strategic
importance of this acquisition and planned subsequent steps for its
implementation, alongside other important issues on the agenda.
Established in 1995, Azer-Turk Bank OJSC has an authorized
capital of 50 million manats. Its current ownership structure
includes the State Committee for Real Estate Issues, representing
the Azerbaijani government, with a 75% stake. Turkish "Ziraat Bank"
holds a 12.37% share, "Ziraat Bank International" owns 1.08%, "AzRe
Tekrarsigorta" OJSC holds 6.55%, and "Gala Hayat Sigorta" OJSC
possesses a 5% share.
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