Local Kovsar Bank, which cannot (or does not want) to bring the level of the authorized capital up to the requirements of the Central Bank for many years has sought the reserves on the eve of 2015. Today started paying off the additional issue of its shares for 38 million AZN at the Baku Stock Exchange (BSE), which is a site of placement of the securities. As a result, the authorized capital will grow by 4.1 times - up to 50.02 million manat.
The shares of the bank are divided by 190 000 with par value of 200 manat, and included in the non-quotation list of BSE. Underwriter of the IPO is LLC Brokdil -AZ.
Recall that the bank is known for its opposition to the Central Bank of Azerbaijan. Twice in 2001 and 2010 the main regulator of financial flows sued Kovsar and both times lost to the bank. This is one of the oldest banks in the country, which previously operated under the name Universal Bank. It has extensive connections in high places. The main shareholder of Kovsar Bank Heydar Ibrahimov is the brother of the Chairman of the Parliamentary Committee on Agrarian Policy Eldar Ibrahimov.
Kovsar Bank with an authorized capital of 12,020,000 manat was established in 1988 and is the only Islamic bank in Azerbaijan, not giving "the classic Western" loans. The bank's shareholders are currently 11 businesses and 24 individuals. --17D-
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