OREANDA-NEWS. On December 10, 2008 VTB Bank has completed its acquisition of a 51% stake in OJSC AF Bank, Azerbaijan, reported the press-centre of VTB Bank.  

In the near future, the subsidiary bank is planned to be renamed JSC VTB Bank (Azerbaijan).

The decision to acquire the controlling interest in AF bank was made under the strategy of VTB Group expansion in the CIS markets. VTB access to the Azerbaijani banking market was deemed to promote the bilateral trade and economic relations between Russia and Azerbaijan. VTB Bank (Azerbaijan) will support interstate programs, and facilitate the implementation of large Russian-Azerbaijani projects with the Russian capital participation.

For reference:
OJSC AF Bank is ranked 39th among 46 banks of Azerbaijan in terms of assets. Presently, AF Bank’s authorized capital amounts to AZM 7.8 million (or about USD 9.65 million), with its assets approaching AZM 12.2 million (about USD 15.3 million).