The Azerbaijan State News Agency

ECONOMY

“MOSTBANK” RENAMED

The “MostBank-Azerbaijan” has begun functioning under the new name – “Standart” Bank. The bank has already been registered in the Ministry of Justice but the application for bank license updating was submitted

The Mostbank intended to change its name as early as November 1. this decision is connected with its former shareholder “Mostbank-Moscow”. Despite the bankruptcy of its Moscow shareholder, Azerbaijani bank is destined to expand its activity in Azerbaijan. It plans to open its office in Moscow, which is currently being registered in the Justice Ministry of Russia and to gain an authorization from the Central Bank of Russia.

The Bank also decided to increase its authorized capital stock from the current $2,490 million to $10 million in 2005.

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