ZQAN Holding withdraws from Azerbaijani banking market

One of the largest holdings of Azerbaijan, ZQAN Holding, completed the sale of its share in the equity of Bank of Azerbaijan. This was stated on Tuesday by the chairman of the holding, Vagif Hasanov.

"It can be said that the Bank of Azerbaijan is no longer a part of ZQAN Holding. We sold our share to our partner, another shareholder, which is an organization consisting of several individuals. There are no new shareholders. The transaction started in the middle of last year and will be completed by the end of the month, upon resolving formalities. The new owner has full control of the bank. We want to develop and become the leader of one sector, rather than being present in many sectors and not leading in any of them. Curently, the holding gives priority to the food sector," Hasanov said.

According to him, at this stage, the holding is considering proposals from several banks for partnership.

"The Bank of Azerbaijan, as well as some other banks, will be able to participate in this process. This is to diversify our risks. The Bank partner will perform all banking operations necessary for the holding, from providing payroll cards to loans and necessary transactions," Hasanov said.

The Bank of Azerbaijan JSC was founded in 1993. ZQAN Holding celebrated its eighth birthday on January 18. During this period, the holding conducted operations in the field of construction and building materials, banking, insurance, telecommunications, hospitality, transport, transportation, real estate management as well as other areas.


/Trend/