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Financial news
Bulletine Finance 


2017 August 02 ( Wednesday )  17:19:43
Print version
Русский Azərbaycan

 

Who Controls Securities Market of Azerbaijan?

Baku/02.08.17/Turan:Up to 2015, about 15 investment companies operated on the Azerbaijani securities market. This figure in the same year fell about two times after the entry into force of the new law "On the securities market." The reason is in a number of requirements of the new legislation to companies. For example, when moving from LLC to Joint-Stock Company a transition to corporate governance is required.

Only 7 companies were able to meet the new requirements so far. And from the end of last year, for activity, a license was issued by the Financial Markets Supervision Authority (FIMSA). Below are these companies and their shareholders:

1) Capital Management. Earlier, the investment company, called Tekhnika Capital Management was created by Tekhnika Bank, which is in the process of liquidation. After the closure of the bank, the above-mentioned company passed under the control of the bank's liquidator, which is the Deposit Insurance Fund of Azerbaijan.

2) The investment company Invest-AZ was founded by Elshan Guliyev. The company operates both in the Azerbaijani and Turkish stock markets.

3) Uni Bank is the owner of Uni Capital Investment Company.

4) The investment company Khalg Capital belongs to Khalg Bank. Both these financial structures together with the company Khalg Sigorta are included in the same financial holding company.

5) Founder of the investment company PSG Capital, Faik Mammadov. The company, together with a non-credit organization, PSG Finance, is part of the PSG group of companies.

6) The owner of Pasha Capital Investment Company is Pasha Holding, where this company is located. This holding includes Pasha Bank, Capital Bank, Pasha Sigorta and Pasha Hayat Sigorta.

7) The investment company Azfinance, together with AFB Bank and Azsigorta, are included in Gilan Holding. However, its founder is the company G Capital Middle East Ltd., registered in Dubai (UAE).

In addition to these 7 investment companies, licenses are available at two more companies that manage assets in the stock market of Azerbaijan. These are the companies Invest-AZ Asset Management and Azfinance Asset Management.

These structures carry out activities in the form of LLCs and, as it can be seen from their names, belong to two investment companies, and the new rules on the securities market do not concern them.

In Azerbaijan, operations on securities are realized through the Baku Stock Exchange. Founders of the stock exchange, which is a joint-stock company, are 20 legal entities. Five of them are the leading banks of the country, i.e. International Bank of Azerbaijan, Capital Bank, Azerbaijan Senaye Bank (ASB) and Azer-Turk Bank, and also deprived of the license United Credit Bank.

In addition, the Istanbul Stock Exchange (Borsa Istanbul) and the investment company Global Menkul Degerler are among the shareholders of the BSE.

The other 13 founders of the Exchange are local investment companies. Four of them are operating - Capital Management, Invest-AZ, Uni Capital and Khalg Capital. The remaining ones are in fact non-operating 9 investment companies and their shareholders are as follows:

1) The investment company Demir is the legal successor of the investment company ADB Broker owned by Demir Bank. Although the company was created again, according to the new rules, it was not yet able to fulfill the requirements of the FIMSA for obtaining a license.

2) Shareholder of the investment company Standard Capital is a group of companies ADB Broker owned by the former Minister of Economic Development Heydar Babayev. This holding also includes Bank Standard, which is in the process of liquidation, and Standard Insurance Company having financial problems.

3) The investment company BOB Broker was established by Bank of Baku. The company is currently at the liquidation stage.

4) The owner of the investment company Yapi Kredi Invest is Yapi Kredi Bank (Azerbaijan). The company is currently in the process of liquidation.

5) The investment company Respublika Invest belongs to Bank Respublika. The company is part of a holding with the company Baki Sigorta, which is a shareholder of the bank (58%).

6) Rabita Bank is the founder of the investment company Capital Partners.

7) Faig Bakhshiyev, the director of the treasury department of Ata Bank, is the owner of the investment company Brokdil-AZ.

8) The founders of the investment company Caspian Financial are AG Bank with a 49% stake and the British investment company Kazimir Partners with 51%. By the way, Kazimir Partners also controls a 2.45% stake in AG Bank.

9) The name of the investment company Mars Investment is almost forgotten in Azerbaijan. The head of this company, whose shareholders are unknown, is Niyazi Gahramanov.

9.5238% of BFB shares belong to Azerbaijan Senaye Bank. Each of the remaining 19 shareholders is represented on the stock exchange with 4.7619% of the shares. -0-------

Inflation Risks Not Neutralized

Baku / 02.08.17 / Turan: The Central Bank of Azerbaijan (CBA) said short-term and medium-term inflation risks are still not fully neutralized.

This statement was made against a background of a seasonal decline in monthly inflation and a slowdown in inflation expectations.

In the first half of the year, average annual inflation was 13.9%, including food - 18.1%, manufactured goods - 12.4%, and services - 9.4%.

The second quarter is characterized by the bank as neutral. During this period, the monetary base grew by 6%, which ensured the stability of the payment system, and also expanded the lending capacity of the economy.

The CBA believes that in the second half of the year basic inflation will decrease, but everything will depend on the manat rate, aggregate domestic demand, prices and tariffs, and the situation in the world market. -0--

VTB Joins Program of Social Housing Construction in Azerbaijan

Baku / 02.08.17 / Turan: VTB Bank joined the program of social housing construction in Azerbaijan, becoming the second bank after Capital Bank, which signed a cooperation agreement with the State Agency for Housing Construction (MIDA) under the President of Azerbaijan.

Earlier MIDA appealed to the authorized banks of the Azerbaijan Mortgage Fund (AMF), urging them to participate in the program of preferential mortgage for the population. The AMF includes 25 banks.

The presidential decree on the activities of the State Agency for Housing Construction (MIDA) was signed in November 2016. The decree approved the "Procedure for the acquisition by citizens on preferential terms of apartments in the possession of MIDA LLC" and the Regulations on the "Preferential Housing" system.

Since May 30, registration of electronic appeals of citizens for social housing has started in Azerbaijan. -0-

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