Azerbaijani Parabank to decide on merger with other banks

Shareholders of Azerbaijani Parabank will discuss its merger with other banks March 7, the bank said Feb. 4.

Earlier it was reported that Parabank planned to consolidate with the country’s NBCBank and Kredobank.

At the same time, NBCBank has already signed a protocol of intent to merge with Parabank and Kredobank.

The agenda of the shareholders' meeting will also include the issues of reformation of the bank’s Supervisory Board, Management Board and the audit committee, as well as changing the size of the authorized capital.

Besides, another two consolidations on the market are reported. Thus, DemirBank and AGBank signed a protocol of intent to merge. Caucasus Development Bank, Gunay Bank and Atrabank of Azerbaijan will also consolidate.

/By Trend/