Shareholders of 'DemirBank' refuses consolidation with 'AGBank'

Baku. 11 February. REPORT.AZ/ Consolidation process planned between 'DemirBank' OJSC and 'AGBank' OJSC has been cancelled.

Report informs referring to 'DemirBank', after signing the initial protocol of intentions on consolidation of the two banks last month, 'DemirBank' management held active discussions in this direction, possible impacts of consolidation to both parties and in general, to banking sector have been investigated.

'DemirBank' OJSC Supervisory Board has assessed consolidation from viewpoint of interests of shareholders, depositors, foreign creditors and all other stakeholders and as a result of discussions, decision adopted on non-advisability of the mentioned consolidation.