About EGM at Kovsar Bank

Shareholders of Kovsar Bank agreed to reallocate roles in its management structure.

According to the report of the bank, at an extraordinary general meeting on March 6 of this year will be approved for sale a significant share in the authorized capital of the bank received for the repayment of the additional issue of shares amounting to 38 million AZN to increase the share capital by 4.1 times - up to 50, 020 000 manat (minimum requirements CBA AR).

The bank did not disclose the information, but banking circles firmly called the name of the owner - shares repurchased under the additional issue of JSC Synergy Group (founded in 2010, is one of the largest private investment holdings in Azerbaijan and is a "family" business by representatives of the Ministry of Taxes).

Recall that Kovsar Bank is in famous confrontation with the Central Bank of Azerbaijan. Twice - in 2001 and in 2010 the main regulator of financial flows sued, and both times lost to the bank. This is one of the oldest banks in the country, previously operated under the name Universal Bank. It has extensive connections in high spheres. The main shareholder of Kovsar Bank is Heydar Ibrahimov, the brother of the chairman of the Parliamentary Committee on Agrarian Policy Eldar Ibrahimov.

JSC Kovsar Bank was established in 1988 and is the only Islamic bank in Azerbaijan. It works on the principles of Islamic finance. The bank does not give out classic loans. The bank's shareholders are currently 11 legal entities and 24 individuals. --17D-