IFC to get stake in Rabitabank
The International Finance Corporation (IFC) will complete the process of entering into the capital of Azerbaijan’s Rabitabank in the coming months, IFC representative Aliya Azimova told the Baku-based Trend news agency.
"The negotiations with Rabitabank on technical issues are underway, however, we plan to complete this process no later than the first half of 2012," Azimova said.
The IFC and EBRD signed an investment agreement with Rabitabank in September 2010 to become its shareholders.
Rabitabank is a commercial bank that has operated in Azerbaijan since 1993. It has become the fourth bank in Azerbaijan in which the IFC has acquired a stake.
Rabitabank has cooperated with the IFC and the EBRD since 1999. The 86.1 percent controlling stake in the bank is held by supervisory board chairman Zakir Nuriyev.
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