Baku, Azerbaijan, Oct. 6
By Anvar Mammadov – Trend:
Before late 2016, the International Bank of Azerbaijan (IBA) will increase its capital by 78 percent, Deputy Chairman of the bank’s Board Elmir Habibullayev told reporters in Baku Oct. 6.
The Fitch international ratings agency previously reported that the bank’s capital will be increased through 500 million manats' equity injection by Azerbaijan’s Finance Ministry.
“In February this year, the bank’s shareholders decided to increase its capital by 500 million manats,” Habibullayev said. “This will happen before late 2016, and as a result of this injection, the capital of the bank will exceed 1.1 billion manats.”
Currently, the bank's authorized capital amounts to 641.3 million manats.
The IBA was established in January 1992. The bank has 35 branches and 43 offices in Azerbaijan.