SOCAR intends to buy 51% of Azer-Turk Bank shares

The State Oil Company of Azerbaijan (SOCAR) plans to become the majority shareholder of Azer-Turk Bank OJSC, Report informs, citing SOCAR.

This issue was discussed during a Supervisory Board meeting chaired by Mikayil Jabbarov, Azerbaijani Minister of Economy and Chairman of the Supervisory Board.

The meeting covered the acquisition of 51% of Azer-Turk Bank’s shares, along with other agenda items.

Azer-Turk Bank OJSC, established in 1995, has an authorized capital of 50 million manats (just over $29.4 million). The bank’s ownership distribution includes 75% held by the Azerbaijan State Committee on Property Issues (acting on behalf of the Azerbaijani government), 12.37% by Ziraat Bank of Türkiye, 1.08% by Ziraat Bank International, 6.55% by AzRe Reinsurance OJSC, and 5% by Qala Life Insurance OJSC.