Gov’t ups share in IBA

12 April 2016 12:48 (UTC+04:00)

The Finance Ministry has increased its share in the International Bank of Azerbaijan from 51.07 percent to 54.96 percent.

The ministry has increased its share by purchasing the stakes of other shareholders.

The share of non-public enterprises and individuals has dropped from 10.11 percent to 8.49 percent and from 38.82 percent to 36.55 percent, respectively, according to the bank's website.

The authorized capital of the International Bank of Azerbaijan is 641.3 million manats.

Earlier, Fitch Ratings international ratings agency said that the share of the Finance Ministry in the bank's share capital will increase from 51.07 percent to over 80 percent as a result of the planned 500 million manats' equity injection.

The International Bank of Azerbaijan was founded in January of 1992.

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