Jahangir Asgarov, former president of Azerbaijan Airlines (AZAL), has increased his stake in Premium Bank from 84.47% to 86.25%.
According to Oxu.Az citing Report, this follows an increase of the bank's authorized capital by 20 million manat (12.9%), raising it from 154.6 million to 174.6 million manat.
Asgarov acquired all new shares issued for the capital increase.
As a result, the stakes of other shareholders decreased: VIP Aviation Services LLC fell from 15.22% to 13.47%, and Elvira Ahmadova's stake dropped from 0.31% to 0.28%.
Premium Bank was founded in 1993 as AZAL Bank, renamed to Silk Way Bank in 2008, and rebranded again in 2018.
