The Azerbaijan-based ISR Holding recently acquired at 20 percent stock interest in the Azerbaijani bank Nikoil, previously a wholly owned subsidiary outfit of Russian corporation Nikoil and oil company LUKoil, the bank’s CEO Mobil Sharifov told Interfax.

The shareholders are now as follows: financial corporation Uralsib 61 percent of the stock, AOZT LUKoil-Azerbaijan 19 percent, ISR Holding 20 percent. Earlier, Uralsib (previously the Russian financial corporation Nikoil) owned 60 percent and AOZT LUKoil-Azerbaijan 40 percent.

The bank Nikoil plans to raise USD 3.5 million in foreign investments to finance a project for bringing equipment into the country for the production of packaging materials.