For Six Months Mugan Bank Sacked 84 Employees

In the first six months of 2016 the number of Mugan Bank employees fell from 908 to 824.

The bank during the reporting period did not close any of its branches.

The bank's authorized capital amounts to AZN 65 million. In December, the general shareholders' meeting decided to increase the bank's authorized capital by 10 million manat. After completion of the issue the bank's authorized capital will amount to AZN 75 million.

The bank's shareholders are four individuals - Elmir Magbet Oglu Mehdiyev (63.5%), who is also the head of the bank's supervisory board, Magbet Rahim Oglu Mehdiyev (13.1%), Vefa Ahmed Gyzy Valiyeva (12.05%), and Farida Jahandar Gyzy Mehdiyeva (11.34%). 71D

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