National Bank of Azerbaijan (NBA) provided permission to the Russian VTB to purchase the control share package of Azerbaijani AF Bank.

Mediamax reports referring Trend that previously the shareholder of AF Bank was “Ugur 97” construction company, which preserved 49% of shares in property.

The volume of the deal with VTB is not publicized. With the entry of the Russian bank the composition of AF Bank’s shareholders, it is renamed into “VTB-Azerbaijan”.

The banks finances construction of dwellings and plans realization of three large-scale projects, aiming at developing tourism sector in Azerbaijan.

At present, among large Russian banks, “Uralsib” has its subsidiary bank in Azerbaijan, named Nikoil Bank, which occupies the 11th place in the Azerbaijani market.