25 February 2009
On 24 February 2009, the Ministry of Taxes of the Republic
registered a new edition of the charter of VTB Bank subsidiary in the Republic of Azerbaijan
. According to the new charter, the Bank's name was changed from JSC AF Bank to JSC VTB Bank (Azerbaijan)
. In February, the Bank became a member of the Azerbaijan Deposit Insurance Fund.
In late 2008, VTB completed the purchase of a 51% stake in JSC AF Bank. The acquisition of the controlling interest in JSC AF Bank was made in accordance with the strategy of expanding VTB Group presence in the CIS market. VTB's entrance into the banking market of Azerbaijan
is aimed at developing bilateral trade and economic relationships between Russia
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