EBRD sells participating interest in Unibank

The capital share of Eldar Garibov has risen to 86.3839% as a result of the sales-and-purchase transaction concluded between the major Shareholders of Unibank Commercial Bank Open Joint-Stock Company. Specifically, that increase is due to the acquisition of the participating interest of the European Bank for Reconstruction and Development (EBRD).

Chairman of the Management Board of Unibank CB Faig Huseynov said that Unibank had been the first Azerbaijani bank for the EBRD to invest in. The joint operations of the two banks since 2003 had set an example of very productive cooperation: “For long years, the EBRD as a shareholder of Unibank has been making special contributions and playing an important role in the business of the bank. Apart from bringing to the table its own successful experience in corporate governance, the EBRD has been involved directly and extended assistance in the increment of the capital of the bank during the harder years. Having gone through this stage of changes successfully thanks to the immediate support from the EBRD. On behalf of all the shareholders of the bank, we are thanking the administration of the EBRD for the contribution to the progress of Unibank.”

In the opinion of Ms. Ivana Duarte, Head of the EBRD Baku Office, the cooperation with Unibank is a hugely successful example of collaboration between the institution she represents and the banking sector of Azerbaijan. According to her, Unibank CB was one of the first Azerbaijani banks and businesses for the EBRD to invest in, and to be a shareholder of. Ms. Duarte emphasized that the EBRD and Unibank, its long-term partner, had participated in many successful projects and that the EBRD had supported Unibank by taking part in increasing the bank’s capital. The EBRD and Unibank have covered a long and productive path since 2003, and cooperation with Unibank is expected to continue in different fields also in the future.

It should be mentioned that the primary role of the EBRD as a financial development institution is to act as a provider of debt and sometimes to act as a shareholder in the capital of private sector companies, to participate in and support their institutional development. Once such goals, set in each given case, have been reached, the EBRD mandate envisages a gradual exit from the shareholder sets of such companies and banks.

This cooperation with the EBRD has enabled Unibank to acquire an immense experience that will show in the progress of the bank in the coming years.

Unibank CB OJSC, active since 1992, has a wide service network covering the capital city and the provinces of the country. The bank has been given numerous international and local institutional awards for its thriving commercial operations and contribution to corporate social projects during the 28 years of existence and activity.