Government to allocate $600M to IBA
The Azerbaijani government intends to allocate $600 million to the International Bank of Azerbaijan in 2016, Fitch Ratings said.
"This shows the government's support for the country's largest bank,” the statement said. “A small banking sector allows the government to support the bank. But the direct support of the banking sector can lead to the country’s additional expenditure.”
The International Bank of Azerbaijan was founded in 1992.
The main shareholder of the bank is the Finance Ministry on behalf of the Azerbaijani government, having 51.07 percent of stake in the bank’s capital, while the rest part – physical and legal entities.
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