PODGORICA (Montenegro), June 15 (SeeNews) – Azmont Investment, a subsidiary of Azerbaijan Global Investments (AGI), officially launched operations of its bank in Montenegro's capital Podgorica on Wednesday.
As a newly established commercial bank in Montenegro, Azmont banka AD Podgorica is registered with a capital of 11.98 million euro ($13.4 million) and will offer services to corporate and private clients, Azmont Investment said in a statement sent to SeeNews.
"Azmont banka is yet another great opportunity to contribute to overall development of Montenegro and in particular the finance sector," Miodrag Radonjic, executive director of the bank, said in the statement.
Azmont is currently involved in the construction of the Portonovi resort which will cover an area of 26 ha and feature a luxury hotel, 500 residential units and villas, a marina with 220 berths for super yachts, yacht and beach clubs, spas and restaurants.
In July 2012, the company's previous parent, State Oil Company of the Azerbaijan Republic, SOCAR, signed a lease agreement with the Montenegrin government for the site of the former Orijen Battalion barracks in Kumbor, in the Herceg Novi area, and pledged to invest at least 250 million euro in developing a high-end tourist resort.
Last year, Azmont announced SOCAR entered into a partnership with Azerbaijan Global Investments (AGI) with the aim of improving the operations of Azmont Investment and raising them to international standards. The company added at the time, that SOCAR has transferred all the obligations under the long term lease agreement signed with the Montenegrin government to Azmont.
AGI is a consortium of three leading Azerbaijani Investment Holding companies.
($=0.891 euro)