Composition of AG Bank’s Board to Change

The arrival of new shareholders to AG Bank OJSC will change the structure of its management. It is scheduled to hold an extraordinary general meeting of shareholders on August 26, the bank reported.

Recall that from the end of April, foreign partners of AG Bank began to curtail their participation in it - so the share of the International Finance Corporation decreased from 17.5% to 4.28% and the share of Kazimir Partners decreased from 10% to 2.45%. Farzulla Yusifov also became a minority shareholder; his share fell from 17.767% to 5.79%. Now the bank has one shareholder with a share of more than 10%. It is the Chairman of the Supervisory Board Chingiz Asadullayev, whose share increased from 23.27% to 31.68%.

The former Chairman of the National Bank of Kazakhstan Grigory Marchenko is a new partner and member of the Supervisory Board of AG Bank with 8.3% of the shares. In addition, the number of the minority shareholders has increased from 63 to 84. So, now their share in the authorized capital of the bank amounts to 68.32%.

OJSC AG Bank with an authorized capital of 102.2 million AZN has been operating in the local market on the basis of the CBA license since 1992. The Supervisory Board consists of its head Chingiz Asadullayev, Farzulla Yusifov, Grigory Marchenko, Azer Movsumov, and a representative of the International Finance Corporation. The Acting Chairman of the Board is Afghan Jalilov. The Board also includes the Deputy Chairman Tokay Alizadeh, Sakina Khalafova and Elnur Musayev. --17D—