BAKU, Azerbaijan, June 18
By Eldar Janashvili - Trend:
As a result of a purchase and sale transaction concluded between large shareholders of Azerbaijan’s Unibank Commercial Bank OJSC, the capital share of Eldar Garibov in the bank’s charter capital has risen to 86.3839 percent due to the acquisition of a 9 percent interest in the European Bank for Reconstruction and Development (EBRD) from the authorized capital, Trend reports citing Unibank.
Thus, the EBRD is no longer present among the shareholders of Unibank.
In this regard, Chairman of the bank's board Faig Huseynov noted that Unibank is the first Azerbaijani bank invested by the EBRD and the joint activity since 2003, has been an example of very successful cooperation.
“The EBRD not only brought its successful corporate governance experience, but also took part in increasing the bank's capital, providing support in difficult years. Thanks to EBRD support, Unibank has successfully passed this stage of transformation. On behalf of all our shareholders, we express our gratitude to the EBRD management for their contribution to the development of Unibank,” said Huseynov.
According to Ivana Duarte, Head of the EBRD Baku Office, cooperation with Unibank is a very successful example of the activities of its structure in the banking sector of Azerbaijan.
Duarte said that Unibank is the first Azerbaijani bank which the EBRD invests into, emphasizing that they jointly implemented a number of successful projects and the EBRD provided support in strengthening Unibank's capital.
Since 2003, the EBRD and Unibank have come a long and beneficial journey together, and in the future, cooperation with the bank will continue in various fields, said Duarte.
The main role of the EBRD, as an institution of financial development, is to support private companies financially and their institutional development. After achieving the set goals, the EBRD's mandate provides for a phased withdrawal from the number of shareholders of companies and banks.
This cooperation brought Unibank great experience, which will be manifested in the development of the bank in the coming years.
Unibank Commercial Bank OJSC has been operating since 1992. The bank has a wide branch network in the capital and regions of Azerbaijan.
For successful commercial activities and participation in corporate social projects over the 28-year period of its existence, the bank was honored numerous awards by international and local organizations.
---
Follow the author on Twitter: @eldarjanashvili
