NATIONAL BANK OF AZERBAIJAN SOLVES CONTRADICTION

AzerTag, Azerbaijan
[August 29, 2005, 14:13:23]

The national Bank of Azerbaijan has solved contradiction about the
Kazakhstan based “Bank Turan-Alem” which is going to open its office
branch in Azerbaijan, reported AzerTAj.

According to the Bank’s press release, rumors disseminating by some
mass media about the Turan-Alem’s Armenian relations are erroneous.
It added the Bank Turan-Alem has not been registered by the National
Bank and now it’s procedure reference is considering. Amongst the
shareholders of Turan-Alem are the European Bank for Reconstruction and
Development, the International Finance Corporation, some prestigious
foreign financial structures, said the National Bank.

The case in connection with purchasing by Turan-Alem of the
Armenia-based commercial bank Mejinvestbank’s shares wouldn’t as
evidence of it’s Armenian management, noted the National Bank’s
press release.