Local Kovsar Bank, which cannot (or does not want) to bring the level of the authorized capital up to the requirements of the Central Bank for many years has sought the reserves on the eve of 2015. Today started paying off the additional issue of its shares for 38 million AZN at the Baku Stock Exchange (BSE), which is a site of placement of the securities. As a result, the authorized capital will grow by 4.1 times - up to 50.02 million manat.
The shares of the bank are divided by 190 000 with par value of 200 manat, and included in the non-quotation list of BSE. Underwriter of the IPO is LLC Brokdil -AZ.
Recall that the bank is known for its opposition to the Central Bank of Azerbaijan. Twice in 2001 and 2010 the main regulator of financial flows sued Kovsar and both times lost to the bank. This is one of the oldest banks in the country, which previously operated under the name Universal Bank. It has extensive connections in high places. The main shareholder of Kovsar Bank Heydar Ibrahimov is the brother of the Chairman of the Parliamentary Committee on Agrarian Policy Eldar Ibrahimov.
Kovsar Bank with an authorized capital of 12,020,000 manat was established in 1988 and is the only Islamic bank in Azerbaijan, not giving "the classic Western" loans. The bank's shareholders are currently 11 businesses and 24 individuals. --17D-
Economics
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The Agency for the Development of Small and Medium-Sized Businesses (KOBIA), in collaboration with the Ministries of Economy and Ecology and Natural Resources, organized a conference today in Baku focusing on the role of small and medium-sized enterprises (SMEs) in advancing the green economy.
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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