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- Country Name: Azerbaijan
- Assets: AZN 1,268,027
- Profits: AZN 42,791
- Ownership: 50% "Ideal Business-Ko" MMC,
33.85% "EuroStandard" MMC,
16.15% "Avangard-1" MMC
- Date Modified: Jul-2015
Syndicated Analyses:Moody's Corporation "Moody's upgrades OJSC Xalq Bank's deposit rating to B2; outlook stable" 04-Dec-2013:
The rating upgrade reflects the incorporation of systemic support to Xalq Bank's ratings. The bank has grown in size, becoming the second-largest in Azerbaijan with a market share of 7% in total banking assets. Moody's believes that Xalq Bank has low probability of support from the governmentAzeri Report "Corrupt Money Laundered Through Bank Investments In Azerbaijan" 22-Jun-2010:
Creation of financial structures and uncontrolled inflow of capital to those structures have become a popular way of money laundering in Azerbaijan. According to the calculations made by Turan, based on official information, over the last six months, the authorized capital of 11 banks belonging to the government officials has increased by 150 million AZN.
The most capitalized are four banks directly or indirectly belonging to close relatives of the ruling family.
OJSC "Khalg Bank" has increased its capital to 72.8 million AZNWikileaks Global Intelligence Files "Iran's Money Launderers, Sanctions-Busters, And Revolutionary Guard Money Makers: A Baku Sampler" 06-Mar-2009:
The Xalq Bank was established using former staff of the Bank of Baku. It is one of the most popular Baku banking venues in Azerbaijan for Iranian businesses and Iranians in Iran. Two other popular banks for Iranians are the "Royal Bank of Baku," owned by an Iranian-American, and the "Bank of Baku."
According to widespread rumor, many Iranians in Baku are involved full- or part-time in Iranian regime-related profit making, sanctions-busting, money laundering, and similar activities.
Adil Sharabiani. An Iranian currency exchange dealer with "close links" to Tehran. He was formerly a manager of Bank Melli Iran, and currently has a close business relationship with the Xalq Bank, a medium-sized bank in Baku.
An Iranian contact said that a friend had recently witnessed Sharabiani delivering five million dollars in cash "from Iran" to the Bank of Baku that was not entered on the books.