Nurgun Group’s Owner Strengthens His Position in His Own NBC Bank

JSC NBC Bank has published online its financial statements for the previous year (http://www.nbcbank.az/userfiles/RSM%2012_compressed.pdf), confirmed by the audit. The main shareholder of the bank Nuru Aliyev "pressed" the proportion of his sisters Nushaba Safiyeva and Jamila Rustamova from 8.14% to 6.4%. The stake of Nushaba’s late husband Mushfig Safiyev (founder of the newspaper Express) reduced from 4.88 to 3.83%.

Also reduced participation of four other shareholders, including Caspian Insurance Co Ltd (from 4.32% to 3.4%), whereby the share of Nuru Aliyev rose from 45.88 to 57.51%.

Recall, the license of NBC Bank was granted in December 1992. Other than those mentioned, the shareholders include Surkhay Ahmedov (8.4%), Nurgun Group (7.51%), and Ogtay Rustamov (6.56%). --17D-

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