Are AZAL assets sold to private structures?

A source from the bank's head office reported that changing the brand is connected with changes in bank's shareholders.

Thus, the main shareholder of the bank State Concern Azerbaijan AirLines has sold its share in the founding capital of Silkway Holding.

Currently, the share of Silkway Holding in bank's founding capital makes up 83.66%, while the remaining part of bank's assets is owned by individuals.

The source also reported that a general session of bank's shareholders will be held on April 3. The session participants will discuss results of financial and economic activity of Bank Silk Way for 2007, distribution of profits, ratification of regulations of bank's new structures, as well as the Observation Council, Board of Directors, Auditing Commission, affiliates and departments and other issues.

It should be noted that Azal Bank was founded in 1993 and it currently accounts for 9 affiliates throughout the country.

/APA/