Azeri bank sells stake to UK investment fund

BAKU, May 14 (Reuters) - Azerbaijan's leading commercial bank Azerigasbank has sold a 10 percent stake to Britain's Kazimir Investment Caspian Fund for $8.4 million, a spokesman for Azerigasbank said on Wednesday.

"We've got a second foreign shareholder, after International Financial Corporation (IFC). The deal with Kazimir Investment Caspian Fund was $8.4 million," Alekper Aliyev told journalists.

IFC, part of the World Bank, became a shareholder of Azerigasbank in 2006 after acquiring a 17.5 percent stake.

Aliyev said the bank's shareholders had recently approved a decision on getting a $19.5 million credit line from the European Bank for Reconstruction and Development (EBRD).

"The credit agreement is expected to be signed on May 18 during an annual EBRD meeting in Kiev," he said. (Reporting by Afet Mehtiyeva; editing by David Hulmes)

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