State will remain the main shareholder of Bank ABB

05.09.2023 11:46

The press service of Bank ABB responded to media inquiries about the August 31, 2023, Decree of the President of the Republic of Azerbaijan titled 'On Measures to Attract Private Investments in State-owned Enterprises of the Republic of Azerbaijan.' They stated that attracting private investments to Bank ABB would accelerate the bank's development processes in recent years.

It was noted that the Azerbaijani state would continue as the primary shareholder of the bank. The plan is to attract private investment by reducing state participation to smaller amounts. In order to enhance the participation of Azerbaijani citizens in the management of state-owned enterprises, promote the growth of the securities market, and establish alternative investment opportunities, the bank aims to attract minority shareholders rather than large private investors.

The press service also highlighted that Bank ABB has implemented a number of projects in recent years aimed at strengthening its capital position, operational efficiency, adherence to modern corporate standards, digitalization, credit risk management, improvement of personnel policies, and expansion of the service network. Substantial results have been achieved through these initiatives, and Bank ABB continues to pursue its development projects successfully.

The move to attract private investment in state-owned enterprises is expected to drive the growth of the securities market, which Bank ABB recently entered as a new business direction. This approach will increase citizen participation in the bank's management and introduce a wider range of corporate governance practices. The press service stated, 'All of these efforts will create additional opportunities for Bank ABB to achieve its goals in the new strategic period.’

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