BAKU, Azerbaijan, November 3. Bank Respublika and AccessBank have announced the successful completion of a strategic transaction under which Bank Respublika acquired 100% of AccessBank’s shares, while AccessBank’s former shareholders became shareholders of Bank Respublika by receiving newly issued preference shares in Bank Respublika.
The completion of the transaction marks an important milestone in the development of both banks, bringing together their financial strength, professional expertise and complementary business models. The next stage will be a legal and operational merger, creating one of Azerbaijan’s largest banks under the Bank Respublika brand.
Until the merger is completed, both banks will continue to operate under their existing brands, ensuring uninterrupted customer service and fulfilling all obligations to their customers and partners.
As part of the preparations for the merger, Tariyel Ismayilov will become Chairman of the Management Board of AccessBank and will subsequently serve as Chairman of the Management Board of the merged bank. Aslan Abasov, Deputy Chairman of the Management Board of Bank Respublika, has been appointed Acting Chairman of its Management Board.
The merger will strengthen the bank’s financial position, expand its capacity to finance businesses, improve operational efficiency, accelerate the development of digital service channels and enhance the quality of banking services.
Commenting on the completion of the transaction, Shakir Rahimov, Chairman of the Supervisory Board of Bank Respublika, said:
“The successful completion of this major transaction reflects Azerbaijan’s favourable investment climate, the resilience of its banking sector and international investors’ confidence in its prospects. We are confident that bringing together the strengths of the two banks will represent an important step in the further development of the country’s financial market. We extend our sincere gratitude to the Central Bank of Azerbaijan, the shareholders of both banks, our customers, partner banks, international financial institutions and all parties involved in the transaction for their trust, constructive cooperation and support throughout the process.”
