Azernews.Az

The overall management and supervision of Azerbaijan International Bank (ABB) and Azer-Turk Bank will now be conducted by their respective Supervisory Boards, Azernews reports.

President of the Republic of Azerbaijan Ilham Aliyev has made amendments to multiple presidential decrees, including the decree dated August 7, 2009, on transferring Azerbaijan International Bank OJSC to the management of Azerbaijan Investment Holding and related regulatory matters, the decree on the rules of state participation in the management of banks and non-bank credit institutions with state-owned shares, the February 9, 2009 decree on improving the activities of the Ministry of Finance, and the July 16, 2022 decree on improving the management of Azer-Turk Bank OJSC.

As a result of these amendments, the previous requirement that the Supervisory Boards include a specific number of members, including the chairperson, has been removed. For Azerbaijan International Bank, this requirement for five members has been lifted, allowing the Supervisory Board to carry out overall management and supervision with more flexibility. Similarly, for Azer-Turk Bank, the requirement for three members, including the chairperson, has been removed, and the Supervisory Board will now oversee the bank’s activities independently.