«KovsarBank» apparently waiting for the merger

JSC Kovsar Bank is apparently waiting for the merger with stronger partners in the banking market.

According to the report of the financial structure, on Dec. 17 a special general meeting of shareholders will discuss the sale of significant stakes in the authorized capital of the bank and the changes in its Charter.

Turan previously reported that in November 2013 the SSC registered the issue prospectus of securities of the bank to increase the authorized capital from 10,020,000 to 48.02 million manat through additional issue of 190,000 shares at par value of 200 manat each.

Recall that the said bank is known for confrontation with the Central Bank of Azerbaijan. Twice in 2001 and 2010 the main regulator of financial flows submitted claims, and both times lost to the bank. This is one of the oldest banks in the country, previously operated under the name Universalbank. It has extensive connections in high places. The main shareholder of Kovsarbank Heydar Ibrahimov is the brother of the Chairman of the Parliamentary Committee on Agrarian Policy Eldar Ibrahimov.

JSC KovsarBank was established in 1988 and is the only Islamic bank in Azerbaijan, not giving "classic western" loans. The bank's shareholders are currently 11 businesses and 24 individuals. --17D-