As was previously noted, taking into account the position of CB "Bank Standard" CJSC in the financial market of the country, share of its assets and systemic significance, it was decided by concerned authorities on the bank's rehabilitation. In accordance with the decision the recovery program of controlling block of shares of Bank Standard CJSC will be carried out by the state-owned Azer Turk Bank OJSC. It was supposed to form managing bodies of Bank Standard CJSC by 3rd of August and restoration of its activities in full accordance with the business strategy.
On August 3 an extraordinary general meeting of shareholders of CB "Bank Standard" took place. The Supervisory Board and Audit Committee were reformed and the structure of the Management Board was changed on the meeting. Rumiya Mamedova was appointed the Chairman of the Supervisory Board, Khayam Aliyev and Elshad Shirinbekov were appointed members of the Supervisory Board. Zamig Mamedov headed the Audit Committee while Raman Abishov and Pasha Akhmedzade were selected members of the Committee. Furthermore, Khalid Akhadov was appointed Chairman of the Board, and Mustafa Rashid has become member of the Board.
The recently appointed Chairman of the Supervisory Board, Rumiya Mamedova is working in the banking sector since 1994, and was holding the position of vice-chairman of the Managing Board in Azer Turk Bank OJSC since December 8th, 2014.
New Chairman of the Managing Board, Khalid Akhadov works in the banking sector since 1998 and previously was the CEO of CB "Unibank" OJSC.
In general, based on the assessment of knowledge and skills of the newly appointed members of managing bodies, their experience in banking field and personal qualities, we can expect a great success in the process of the bank's rehabilitation and its future activities.
It was also decided on the extraordinary general meeting of shareholders about the start of first phase of the rehabilitation program of CB "Bank Standard on August 4th, 2016. The public will be provided with detailed information on the implementation of the rehabilitation program of the bank.
