On July 16, President Ilham Aliyev signed a decree on improving the management of Azer-Turk Bank, 75% of whose shares are owned by the state.

According to the decree, the head of state defined the rights associated with the Bank for himself and for the holding. Thus, the right to participate on behalf of the state in the sale, reorganization and liquidation of Azer-Turk Bank will belong to the President. By agreement with the head of state the holding participates in the formation of the bank’s management, conclusion of deals which constitute 5% and more of its assets, increase and reduction of the authorized capital, issue of shares, acquisition of a large stake, approval of annual financial statements, creation of reserves at the expense of net profit and payment of dividends, approval and change of the charter, creation and termination of subsidiary economic organizations and may participate in the procurement of another bank.

Source: Turan News Agency