Baku:Bank Respublika and AccessBank have announced the successful completion of a strategic transaction in which Bank Respublika acquired 100% of AccessBank’s shares. In return, AccessBank’s former shareholders received newly issued preference shares in Bank Respublika.
According to Azerbaijan State News Agency, this transaction signifies an important milestone for both banks, combining their financial strength, expertise, and business models. The next phase involves a legal and operational merger, which will create one of Azerbaijan’s largest banks under the Bank Respublika brand.
Until the merger concludes, both banks will maintain their existing brands, ensuring continuous customer service and fulfilling all commitments to clients and partners. As part of the merger preparations, Tariyel Ismayilov will become the Chairman of the Management Board of AccessBank and later serve as Chairman of the merged bank. Meanwhile, Aslan Abbasov has been appointed as the Acting Chairman of the Management Board of Bank Respublika.
The merger aims to bolster the bank’s financial position, enhance its business financing capacity, improve operational efficiency, and accelerate the development of digital service channels. Additionally, it seeks to elevate the quality of banking services offered.
Shakir Rahimov, Chairman of the Supervisory Board of Bank Respublika, commented on the transaction’s completion, noting that it reflects Azerbaijan’s favorable investment climate and the resilience of its banking sector. Rahimov expressed confidence that the merger would significantly advance the country’s financial market development. He also extended gratitude to the Central Bank of Azerbaijan, shareholders, customers, partner banks, international financial institutions, and all parties involved for their support and cooperation.