Financial and Industrial Group JSC AB Standard Receives Sole Owner

Heydar Aydin Oglu Babayev announced that he is the owner of 100% of the shares of JSC AB Standard operating since 2002. The statement has been published in the official press.

The financial report for 2013 of JSC Bank Standard (one of the subsidiaries of the group) noted that 50% of the shares of JSC AB Standard were owned by Aliya Gazieva, member of the Babayev family. The remaining 50% were owned by another family, whom the auditor did not disclose.

Heydar Babayev is the founder of this holding. In 2005, he was appointed Minister of Economic Development, and in 2008 he was removed from this post.

The holding includes JSC Bank Standard, LLC Standard Insurance, LLC AB Legal Consulting Group, LLC Standard Leasing, LLC Standard Capital, LLC Standard Football Club, JSC Dernegul Boru Zavodu and JSC Lankaran Mehmankhana.

By the end of 2013 the revenues of the holding were 131 million 162.3 thousand manat and the expenses were 129 million 540.2 thousand manat. The assets exceed 1.1 billion manat.   ----08B