Details of merger 'Atrabank' and 'Caucasus Development Bank' unveiled

Newly established bank in Azerbaijan is expected to began operate early summer

Baku. 22 February. REPORT.AZ/ The Central Bank of Azerbaijan Republic (CBA) has given its initial consent for restoration of the license of 'Atrabank' provided that merger of 'Atrabank' and 'Caucasus Development Bank' OJSCs.

Report informs citing the bank circles, the new bank will operate under the brand of 'Atrabank'.

According to the information, the new bank's capital will consist of the sum of the two banks' capital. According to the calculations of the Central Bank, capital of the new bank will totally make 60 million manats.

Notably, in accordance with the decisions of the CBAR Managerial Board dated January 27, 2016, banking licenses of 'Caucasus Development Bank' and 'Atrabank' OJSCs have been revoked. 

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