Bahrain International Investment Bank purchases 49% shares in Azerbaijani bank

This is a key milestone achieved in Amrahbank’s growth plans as IIB will significantly contribute towards enhancing the Bank’s global reach and cooperation (especially with GCC countries), offer of new sophisticated Retail, Corporate and Investment banking products, customer services, IT, corporate governance, operational tools as well as introduction of fully fledged Islamic Banking as soon as necessary legislative basis is established in Azerbaijan. IIB will play a strategic role in jointly realising an active plan to re-brand Amrahbank, expand its retail network, train the existing staff, and impart new skills to the team.

On 14th June 2008, Shareholders’ General Meeting and Supervisory Board Meeting of Amrahbank took place at Hyatt Regency in Baku, whereby new board members, new short and long term strategy and necessary charter changes have been duly approved.  New members of the Supervisory Board comprise Yunis Ildirimzade as a Chairman, Aabed Al Zeera (CEO, IIB) as a Vice Chairman, Mohammed Hadi Mejai (Director, IIB) as a member, Elnur Amikishiyev (Management Information Manager, BP Group) as a member and Kamal Mamedzade (Senior Associate, Salans) as a member.

Amrahbank is experiencing a continuous and impressive growth of its key financial indicators. Accordingly, as at 1 July 2008, total equity of the Bank exceeded Azn21m, total assets were Azn63.5m, and net profit for the first half of 2008 was Azn2.3m. In the near future, Amrahbank will establish cooperation with major banks of Western Europe and Middle East in such areas as project finance, trade finance, credit lines, etc.

/Today.Az/