Azernews.Az

The extraordinary general shareholders' meeting of the International Bank of Azerbaijan OJSC (IBA) was held on February 10, 2015.

The meeting participants discussed a number of procedural questions and the question concerning the increase of the authorized capital of the bank.

At the general meeting it was decided to increase the bank’s authorized capital by 500 million manats up to over 1,141 billion manats through the new issue of shares.

During the meeting changes were made in the composition of the Audit Committee and the realization of the commercial project was discussed.

In July 2015, President Ilham Aliyev signed a decree on the measures for rehabilitation related to the preparations for privatizing the state-owned shares of the International Bank of Azerbaijan JSC.

The shortcomings in the management, investment and loan policy of the International Bank of Azerbaijan in recent years, as well as financing of less efficient, risky investment projects worsened the bank’s financial state, caused increase in the share of distressed assets and reduced its liquidity, said the decree.

The International Bank of Azerbaijan was founded in 1992 and is the largest bank of the country. Some 51.07 percent of stake in the bank’s capital is owned by the state, 48.93 percent – by private shareholders.

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