Baku, Azerbaijan, Aug. 2
By Azad Hasanli – Trend:
The change in the composition of Bank VTB’s (Azerbaijan) shareholders will not affect its activity, the VTB Group’s head office told Trend.
It became known on July 19 that the Russian VTB 24 is buying a share of Azerbaijan’s AtaHolding in the Bank VTB (Azerbaijan). This is nearly 49 percent belonging to AtaHolding. The deal will approximately cost about $31.4 million.
According to the head office, the change of a shareholder will not affect the strategy of VTB (Azerbaijan) and the services provided by the bank.
“The acquisition of a stake in VTB (Azerbaijan) is aimed at strengthening control and as part of optimizing the management system of the foreign network,” said the VTB office.
Currently, 51 percent of the bank’s assets are owned by the Bank VTB. The VTB financial group will become the sole shareholder of VTB (Azerbaijan) after the transaction’s completion.
The Bank VTB (Azerbaijan) has been operating in the country since 1993.