NBC Bank Receives Reprieve of Capital Attraction

The State Committee for Securities has extended the offering of shares of NBC Bank until the 19th of November. The bank needs to attract at least 3.5 million manat to bring its capital to the minimum requirement of the Central Bank.

NBC Bank is one of the few commercial banks, the capital of which is less than 50 million manat. In October last year, the bank's shareholders decided to issue shares with a total nominal value of 5 million 2.3 thousand manat. In late November, the process of their placement started. However, not a single application for their purchase for a specified period of 180 days was filed. At the same time the existing shareholders were not entitled to precedence.

NBC Bank operates since 1992 and is considered a bank of several related families. Nuri Aliyev controls 57% stake in the bank. The shareholders are 6 individuals and two companies (Caspian Insurance Co Ltd – 6.5% and Nurgun Group – 7.5%).

The bank has 11 branches and 2 offices, as well as participates in the capital of three companies (JSC Revan Sigorta - 19%, Ltd. NBC Leasing - 40% and a professional football club Mugan - 20%).

The issued share capital of NBC Bank is 46 million 536.1 thousand manat. ----08B