Synergy Group Gains Control over JSC Kovsar Bank

JSC Synergy Group positioned as an investment company has gained control over JSC Kovsar Bank, which had problems with capitalization. The information was spread by the agency Margin.

In the last week of December, on the stock exchange were placed shares of Kovsar Bank totaling 38 million manat required for the formation of the minimum authorized capital (50 million manat). These shares, as well as the majority stake owned by other shareholders, have been acquired by JSC Synergy Group, Margin informs.

In December, only on the exchange platform shares of the bank exceding 1 million manat  were bought up. Other shareholders most probably sold their shares outside the stock exchange.

For the establishment of a full-fledged holding (it includes about 30 companies mainly involved in production) this group will now have to create insurance and leasing companies.

Note that JSC Synergy Group was established in April 2010. Formally, 99% of its shares are owned by Ashraf Kamilov, who also controls Accord Stock Corporation through LLC VIP Estate. The ultimate beneficiary of these and other 20 companies is the family of President Ilham Aliyev. Through several companies, the family owns a number of such banks as Silk Way Bank, Ata Bank, Pasha Bank, Khalg Bank, Express Bank, VTB (Azerbaijan) and Capital Bank. --08D-