PODGORICA (Montenegro), September 19 (SeeNews) – Montenegro's Azmont Banka [MNG:AZMO] has changed its name to Nova Banka AD Podgorica, the country's bourse operator has said.
The Montenegrin bourse operator provided no further information in its announcement issued on Friday.
Azmont Banka is owned by Azmont Investment, a subsidiary of Azerbaijan Global Investments (AGI). The bank was established in June with capital of 11.98 million euro ($13.4 million).
"Azmont Banka is yet another great opportunity to contribute to Montenegro's overall development and in particular the finance sector," Miodrag Radonjic, executive director of the bank, said in the statement at the time.
Azmont Investment is currently involved in the construction of the Portonovi resort which will cover an area of 26 ha and feature a luxury hotel, 500 residential units and villas, a marina with 220 berths for super yachts, yacht and beach clubs, spas and restaurants.
In July 2012, Azmont Investment's previous parent, State Oil Company of the Azerbaijan Republic, SOCAR, signed a lease agreement with the Montenegrin government for the site of the former Orijen Battalion barracks in Kumbor, in the Herceg Novi area, and pledged to invest at least 250 million euro in developing a high-end tourist resort.
SOCAR entered into a partnership with AGI with the aim of improving the operations of Azmont Investment and raising them to international standards, Azmont announced last year. SOCAR transferred all the obligations under the long term lease agreement signed with the Montenegrin government to Azmont.
AGI is a consortium of three leading Azerbaijani Investment Holding companies.
($=0.895903 euro)