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More 3 Azerbaijani banks decide to merge - UPDATED

Document on establishment on new bank will be signed in April

Baku. 3 February. REPORT.AZ/ Initial agreement has been reached on consolidation of more 3 commercial banks in Azerbaijan.

Report was told by bank circles.

According to the information, 'NBC Bank' OJSC, which license has been restored by the Central Bank of Azerbaijan Republic (CBAR) on February 1, plans to merge with 'Parabank' OJSC and 'Dekabank' OJSC in April of this year, the three parties reached relevant agreement.

The source said that name under which banks will be merged is not known yet and talks are being held on this issue.

In response to Report's survey, 'Parabank' says that it is unaware regarding mentioned issue, while 'Dekabank' declares information to be false.

Report was told by 'NBC Bank' that they have signed protocol of intentions with several banks on consolidation, but information regarding these banks have not been reported. 

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Report informs referring to sources in the CBAR, not 'Dekabank', but 'Kredobank' OJSC intends to participate as a third party in transaction regarding merging of these banks.

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