“The initiative to acquire the assets of 'Bank BTB' OJSC and transfer its liabilities to ABB has been positively evaluated, and relevant procedures in this regard have already commenced.”
Modern.az reports that Abbas Ibrahimov, Chairman of the Management Board of ABB, stated this in a declaration to journalists.
According to him, this decision is consistent with ABB's strategic development goals, growth intentions, including the objectives of expanding its customer base and portfolio.
Abbas Ibrahimov also noted that Bank BTB's assets will be transferred to ABB's balance sheet, and its liabilities will simultaneously be met by ABB. In this process, the interests of Bank BTB's customers, including the Bank's depositors, will be fully protected. Individuals and legal entities with deposits and current accounts at Bank BTB can continue their cooperation with ABB in accordance with the existing contractual terms. Customers who had credit obligations to Bank BTB will also fulfill their obligations under the credit agreement with ABB based on the existing contractual terms. Additional information regarding the process will be provided to customers.
“This step will contribute to the stability of the financial system in our country and expand ABB's capabilities to support the national economy, particularly the financing of the real sector,” Abbas Ibrahimov noted.
