OREANDA-NEWS. October 08, 2009. The General Meeting of Shareholders of Azerdemiryolbank decided to change the name of the Bank. The decision was taken at the General Meeting to change the name “Azerdemiryolbank” to “DemirBank” and begin all the required legal procedures, reported the press-centre of Azerdemiryolbank.

The Chairman of Supervisory Board Mr. Rahman Hajiyev spoke at the meeting stating that “Azerdemiryolbank started operating 20 years ago in October 1989, made number of achievements during that period and became one of the leading banks of the country. For the purpose of further development of the Bank it is important to change its name to “DemirBank” thus ensuring continuing legacy and retention of 20 year history in its new name.”

The Deputy Chairman of the Executive Board Mr. Yusif Jabbarov in his speech at the meeting mentioned the increasing importance of “strong brand” in the condition of increased competition in the banking sector of the country. “In connection with changing the Bank’s name we held numerous discussions, studied the opinions of public and advertising agencies. As a result of realized tender, a new logo of the Bank was developed preserving some elements of the existing logotype. Moreover we developed and launched the brand strengthening program, that should also have positive effect on the company’s further development,” summarized the Deputy Chairman of the Executive Board Mr. Yusif Jabbarov.

After completing certain legal procedures the Bank will change its name to “DemirBank”. The change in the name shall not affect the existing contracts with clients and partners. All current agreements and contracts will stay in legal effect.

One of the first banks of Azerbaijan Azerdemiryolbank started its operations 20 year ago in October 1989. Shareholders of the Banks include large international financial institutions, such as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).