Azerbaijan Investment Holding to manage Azer-Turk Bank following presidential decree [UPDATE]

22 September 2021 17:21 (UTC+04:00)

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President of Azerbaijan Ilham Aliyev signed a decree on transferring Azer-Turk Bank OJSC and the State Insurance Commerce Company (Azersigorta) to the management of the Azerbaijan Investment Holding on September 22.

The Azerbaijan Investment Holding was instructed to provide diagnostics of the results of the activities of Azer-Turk Bank OJSC and Azersigorta in the legal, financial, tax, and commercial spheres within four months with the involvement of an international consulting company and subject to the obligations of the existing agreement, inform the president about the results.

Besides, according to the decree, upon completion of diagnostics, depending on its results, together with the Central Bank of Azerbaijan, within one month, the holding was instructed to prepare and submit to the President of Azerbaijan proposals for improving the activities of Azer-Turk Bank OJSC and Azersigorta, and resolve other issues arising from this decree.

According to the decree, until the execution of clauses 2.1 and 2.2 of this decree, the governing bodies of Azer-Turk Bank OJSC and Azersigorta will continue their activities.

The Cabinet of Ministers was instructed to resolve issues arising from this order.

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