IBA prepares for subsidiaries’ capitalisation
International Bank of Azerbaijan (IBA), the country's leading bank, decided to increase the authorised capital of its subsidiary insurance company - International Insurance Company, IBA chairman Jahangir Hajiyev told Trend news agency.
He said that the decision of raising the company's capital by six million manat was made six to seven months ago.
"We have repeatedly appealed to the shareholders to increase the authorised capital of the International Insurance Company," he said. "We need the permission of the Supervisory Board and are waiting for the main shareholder's decision. This hinders the activity and business of the company. Unfortunately, they have lost much during this period."
He added that the authorised capital of the leasing company Joint Leasing may also be increased in 2013.
"We see the results of the company's activity in 2012 and will make a decision," Hajiyev said.
IBA will continue the practice of re-capitalisation of the undistributed profit of subsidiaries in Russia and Georgia in 2013.