Hafka returns to the Bank of Azerbaijan

The President of Baghlan Group of Azerbaijan Hafiz Mammadov, known as Hafka, has returned to the management of the Bank of Azerbaijan.

The move is aimed at attracting investors to further recovery of the bank. The source said in this structure that the Supervisory Board of the bank has already determined the agenda and approval of the candidate appointed. Recall the last part of the bank's management was approved at the extraordinary shareholders' meeting of JSC Bank of Azerbaijan in May 2014. Then, instead of Mammadov, Mehman Ismayilov was elected as Chairman of the Supervisory Board, and the Board also included Javad Javadov and Araz Aliyev. As Acting Chairman of the Board was elected Magomedali Aslan and two men named Farid Orujov became his deputies.

As the chairman of the Central Bank Elman Rustamov said in April, this bank has "temporary problems" due to liquidity. Until now, financial constraints do not allow this structure to make full use license because it does not have permission to take deposits.

JSC Bank of Azerbaijan has started trading under the name Rabbatbank on December 1, 1993. In 1998 it became Ish Bankasi Azerbaycan. In 2004 the bank became a public corporation.

The authorized capital is 50 million manat and the total capital is 47.7 million manat.

The bank owners are family members of Hafiz Mammadov. The shareholders of the Bank of Azerbaijan are his sons Kanan Mammadov (43.63%) and Sanan Mammadov (43.63%), his brother Mubariz Mammadov (12.07%) and NEM Holding (0.67%). --17D-