JSC TBC Bank, a subsidiary of TBC Bank, has signed an agreement with Nikoil Bank, aiming to expand its banking business in Azerbaijan.
In particular, according to the agreement, the Azerbaijani subsidiary of the bank TBC Kredit becomes the owner of Nikoil Bank’s share. For this merger, the bank needs the regulator’s consent, after which TBC Kredit will become the owner of 10% of Nikoil Bank.
TBC will be represented in the management of Nikoil Bank. Besides, the bank intends to make use of its experience on the Georgian market to facilitate the growth of Nikoil Bank in the Azerbaijani market.
In the next 3 years, TBC plans to increase its share of Nikoil Bank by 50% + 1 to become the majority shareholder.
Nikoil Bank is a privately owned bank, offering customers in Azerbaijan all types of banking services.