The State Oil Company of Azerbaijan (SOCAR) is set to acquire a 51% stake in Azer-Turk Bank OJSC, which will occur through the transfer of shares from the State Service on Property Issues under the Ministry of Economy, Azerbaijan's Finance Minister Samir Sharifov said in an interview with Report.

“According to the information I have, it is not about buying and selling. It is about the transfer of some of the state-owned shares in that bank to SOCAR. Currently, there is no provision in the legislation to allow a state company to buy some property of another state body,” the minister noted.

Azer-Turk Bank OJSC, established in 1995, has an authorized capital of 50 million manats (over $29.4 million). The bank’s ownership distribution includes 75% held by the Azerbaijan State Committee on Property Issues (acting on behalf of the Azerbaijani government), 12.37% by Ziraat Bank of Türkiye, 1.08% by Ziraat Bank International, 6.55% by AzRe Reinsurance OJSC, and 5% by Qala Life Insurance OJSC.