Baku, Azerbaijan, Apr. 30
By Azad Hasanli - Trend:
The loss of the IBA-Moscow bank, a subsidiary of OJSC International Bank of Azerbaijan (IBA) in Russia, totaled 439.9 million of Russian rubles ($6.7 million), said IBA Moscow's report.
About 31.7 million rubles (about $482,600) of the loss will be covered by additional paid-in capital, 408.14 million rubles ($6.2 million) - at the expense of the reserve fund according to the bank's decision.
The IBA-Moscow bank was established in 2002 and it is Azerbaijan's first bank in Russia with 100-percent Azerbaijani capital.
The bank's authorized capital amounted to 2.11 billion rubles, but in late March it was decided to double its authorized capital to 4.16 billion rubles ($61.4 million).