Turkish bank registers first issue of its Azerbaijani subsidiary’s shares

Turkish bank registers first issue of its Azerbaijani subsidiary’s shares
15:22 6 Aprel 2015
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Baku, Azerbaijan, Apr. 6

By Azad Hasanli – Trend:

Azerbaijan’s State Committee for Securities registered the first issue of the undocumented nominal shares of the Ziraat Bank Azerbaijan for a total of 50 million manats, read a message from the committee April 6.

Ziraat Bank Azerbaijan is a subsidiary of Turkey’s T.C. Ziraat Bankasi.

The placement of the bank’s shares will be carried out through a private offering. Some 50,000 shares at a par value of 1,000 manats will be issued as part of the emission.

T.C. Ziraat Bankasi received in late 2014 a license from the Central Bank of Azerbaijan to conduct banking activities in Azerbaijan through its subsidiary, the Ziraat Bank Azerbaijan.

The bank plans to start operations in Azerbaijan in June. Currently, a preparatory work is underway.

T.C. Ziraat Bankasi has been operating since 1863, and is the largest bank in Turkey.

Outside of Turkey the T.C. Ziraat Bankasi is currently present in Germany, Bosnia and Herzegovina, Russia, Kazakhstan, Turkmenistan and Uzbekistan.

The bank also has offices in the UK, the US, Bulgaria, Georgia, Iraq, North Cyprus, Greece, Saudi Arabia and Iran.

The official exchange rate for April 6 is 1.0487 AZN/USD.

Edited by SI


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