Azerbaijan's top bank to up its authorized capital
The Azerbaijani State Securities Committee registered the issue prospectus of ordinary registered shares of the International Bank of Azerbaijan (IBA), totaling $ 200 million manat.
The committee reported that around 769,230,775 shares with a par value of 0.26 manat each will be issued within the emission.
Earlier, IBA shareholders adopted the concept of increasing the share capital by 500 million manat over four years. At the initial stage, the bank's authorized capital will be increased by 200 million manat and later it will increase by 100 million manat annually.
The International Bank of Azerbaijan (IBA) was founded in January 1992. The IBA is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private physical and legal entities.
Today, IBA authorized capital is 368 million manat.