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Report: Azeri lenders AtaBank, Caspian Development Bank to merge

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Report: Azeri lenders AtaBank, Caspian Development Bank to merge

Azeri lenders AtaBank OJSC and Caspian Development Bank will merge their operations, Trend News Agency reported, citing a statement from AtaBank's website.

Caspian will be liquidated as part of its reorganization and merged into AtaBank, according to the April 18 report. In line with the decision arising from a general shareholders' meeting of both banks, Dayanat Guliyev will be acting chairman of AtaBank's board, while Farah Mammadova will serve as acting chairperson of its supervisory board, the news agency said.

PwC will reportedly evaluate both lenders' assets as part of the merger. AtaBank and Caspian will continue to carry out their functions separately until the merger is officially registered, Trend News Agency added.