SOCAR plans to acquire majority stake in Azer-Turk Bank OJSC

The State Oil Company of Azerbaijan (SOCAR) has expressed its intention to acquire a controlling stake in "Azer-Turk Bank" OJSC, Azernews reports citing SOCAR.

This development was highlighted during the recent Supervisory Board meeting led by Mikayil Jabbarov, Minister of Economy and Chairman of the Supervisory Board.

The meeting commenced with a comprehensive presentation on the "Extraction and Development" business segment, focusing on recent achievements and outlining future objectives for continued success in this area.

Following this, the board reviewed the current status of SOCAR's "New Operating Model," emphasizing the progress made in enhancing the company's management structure and advancing human capital development.

A significant agenda item was the proposal for SOCAR to acquire 51% of Azer-Turk Bank's shares. The board discussed the strategic importance of this acquisition and planned subsequent steps for its implementation, alongside other important issues on the agenda.

Established in 1995, Azer-Turk Bank OJSC has an authorized capital of 50 million manats. Its current ownership structure includes the State Committee for Real Estate Issues, representing the Azerbaijani government, with a 75% stake. Turkish "Ziraat Bank" holds a 12.37% share, "Ziraat Bank International" owns 1.08%, "AzRe Tekrarsigorta" OJSC holds 6.55%, and "Gala Hayat Sigorta" OJSC possesses a 5% share.