EBRD ACQUIRES STAKE IN AZERBAIJAN`S BANK CARD SERVICES PROVIDER

Baku, January 10 (AzerTAc). The EBRD is acquiring a 10 per cent-stake in the Millikart LLC, Azerbaijan`s bank card services provider.

Millikart provides clearing and settlement services for credit and debit cards
issued by local banks in Azerbaijan. The company focuses on providing a wide range
of quality services at affordable prices to improve the scope, quality and
efficiency of cash withdrawals at cash machines and payments at point-of-sale
devices.
Private banks and individuals are expected to benefit from greater competition in a
market currently dominated by one single, state-owned player. The EBRD will be
represented at the company’s board with a director.
The EBRD’s investment will strengthen the company’s capital base, support its
further growth and improve its efficiency. The project is complemented with
technical assistance of up to €250,000 for the implementation of an institution
building plan.
Millikart is currently owned by 18 private banks operating in Azerbaijan.