JSC TBC Bank, a subsidiary of TBC Bank, has signed a contract with Nikoil Bank, aiming to expand its bank 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. It takes bank regulator’s consent to merge, after which TBC Kredit will become the owner of 10% of Nikoil Bank.
TBC will be represented in Nikoil Bank Management. Besides that, the bank intends to use the experience that it has on the Georgian market to promote 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 held bank offering Azerbaijan customers all kinds of banking services.