Russian Vneshtorgbank purchases control shares of Azerbaijani AF-Bank

There is a plan to hold a rebranding of the daughter affiliate and rename it to Bank VTB (Azerbaijan).

According to Prime-TASS, the decision to purchase control shares in AF-Bank was adopted in line with the strategy to expand presence of VTB on the markets of the CIS states. By entering the Azerbaijani banking market, VTB aims to encourage the development of bilateral trade and economic relations between Russia and Azerbaijan.

VTB (Azerbaijan) will support intergovernmental programs and take part in the implementation of large Russian-Azerbaijani projects with participation of the Russian capital.

/Gazeta.ru/