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Chair of Yelo Bank’s Supervisory Board increases ownership stake

The ownership structure in the authorized capital of Yelo Bank, one of the leading banks in the country, has been changed. Ms. Marina Kulishova, the Chair of Yelo Bank’s Supervisory Board, has increased her stake in Yelo Bank, acquiring the shares of “Topaz Investments Limited LLC”. As a result, Ms. Kulishova's share has increased to 98.91%. The Shareholders of the Bank also welcomed as new shareholder Mr. Anar Hasanov, Chair of Yelo Bank’s Management Board, demonstrating his commitment to the Bank. The share of Iskandar Khalilov remains unchanged. 

Ms. Kulishova has Chaired Yelo Bank’s Supervisory Board since 2016, successfully rebranding and transforming the Bank, resulting in improved performance and financial results. 

Anar Hasanov, Chairman of the Board of Yelo Bank, emphasized that Ms. Kulishova’s share increase was the next logical step in implementation of the transformation strategy agreed in 2019: “Since 2016, as Chair of Yelo Bank’s Supervisory Board, Ms. Kulishova has orchestrated the transformation and success of Yelo Bank. In addition to her successful corporate governance experience, she participated in and supported the Bank’s capital increase. Thus, she contributed to the successful transformation of the Bank. Under her leadership, we have been able to exceed the targets of our three-year strategic plan, the implementation of which was launched in 2021, across all segments. Our expectations for the future of the Bank are quite optimistic. Both the shareholders and the management aim to maintain the Bank’s strong position among the leading banks in the next years. Our bank will continue to strengthen its financial support to the real economic sectors, especially small and medium-sized businesses in the regions, and to contribute to the development of the national economy”.

According to Ms. Kulishova, Yelo Bank is a bright example of transformation and redesign in the banking sector of Azerbaijan. Ms. Kulishova noted that the Bank has come a long way on the path to growth and innovative development together with highly experienced management and a strong professional team who are committed to further development of the Bank. 
Marina Kulishova, a citizen of the Republic of Azerbaijan, was born in Baku and received higher education at Western University (now West Caspian University). She additionally holds a Bachelor's and a Master's degree from Nottingham Trent University. With extensive experience in investment management, strategic development and consulting services for more than 20 years, Ms. Marina is the founder and shareholder of a number of international investment management companies in the European Union, Turkey and Azerbaijan. 

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