PRIME-TASS. VTB has wrapped up the acquisition of a 51% equity stake in Azerbaijan’s AF-Bank, VTB said in a press release. The short-term goal is to carry out a rebranding campaign at the subsidiary bank and rename it in Bank VTB Azerbaijan.
The decision to buy a controlling block of shares in AF-Bank was adopted in accordance with the strategy geared towards rolling out the presence of VTB Group in the FSU. VTB’s entry into the Azerbaijani market aims to promote the establishment of deeper bilateral trade and economic relations between Russia and Azerbaijan. Bank VTB Azerbaijan will provide support to inter-governmental programs and also participate in the implementation of big Russian-Azerbaijani projects with participation of Russian capital.
AF-Bank is in 39th place among 46 Azerbaijani banks in terms of assets. At present, AF-Bank’s charter capital equals 7.8 mln manats or around $9.65 mln, while assets stand at 12.2 mln manats ($15.3 mln).
